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

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