Technical Analysis

Sizzling Stocks: Financial Technologies (Rs 861.1)

Lokeshwarri S.K. | Updated on September 24, 2011 Published on September 17, 2011

Financial Technologies was in the news last week as the Multi Commodity Exchange in which the company holds 31 per cent stake was granted permission to come out with a public issue. The stock has been in a downtrend since last March when the stock recorded the peak of Rs 1,670. This downtrend accelerated when it breached the key medium-term support at Rs 920 last December.

The stock is currently attempting to stabilise at the next support zone between Rs 650 and Rs 700. The going will get very difficult once this support is shattered. In the days ahead, the stock will face resistance around Rs 900. Short-term view will turn positive only on close above this level. Subsequent targets are Rs 1,060 and Rs 1,300.

Everonn Education (Rs 333)

Everonn Education that was pummelled in the first week of September as it crashed from Rs 439 to Rs 227, witnessed a revival in fortunes last week. The stock managed to close a whopping 30 per cent higher. The gaping gap formed on September 5 however still remains open and the ceiling of this gap at Rs 351 is likely to be the first resistance for the stock in the days ahead. Strong move beyond will take the stock to Rs 400 or Rs 440.

That said failure to move beyond Rs 351 will denote that the rally will be ephemeral and the stock could slide lower to Rs 267 or Rs 248 in the upcoming sessions.

Published on September 17, 2011

A letter from the Editor

Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.