Technical Analysis

Sizzling Stocks: CESC (Rs 290.5)

Yoganand D. | Updated on March 08, 2018 Published on March 10, 2012

piramal-col.eps



CESC surged 9 per cent with good volume in the previous week and is currently testing key medium-term resistance level at Rs 290. Since its 52-week low of Rs 186 marked on December 28 last year, the stock has been on a medium-term uptrend. The stock is trading well above its 50 and 200-day moving averages. Its daily indicators are featuring in the positive territory implying upward momentum.

A strong breakthrough of the stock's current barrier at Rs 290 will accelerate the stock higher to Rs 312 and to Rs 330 in the forthcoming weeks.

Next key resistance is at Rs 350.

On the other hand, inability to breach the aforesaid resistance will pull the stock down to Rs 275 or to Rs 260 in the short-term.

Only an emphatic dive below Rs 230 will mar the medium-term uptrend and pull the stock down to Rs 210 and then to Rs 186 in the medium-term.

Piramal Healthcare (Rs 483.2)

The stock found long-term support between Rs 345 and Rs 355 in August 2011 and formed a strong base by moving sideways till late November 2011. Piramal Healthcare has been on a medium-term uptrend since then.

On Friday, the stock emphatically penetrated the resistance at Rs 450, climbing 6 per cent with good volume, after testing it for more than two weeks.

But it is posing just below significant long-term resistance zone between Rs 490 and Rs 500. A downward reversal from the resistance will drag the stock down to Rs 450 in the near future.

Subsequent supports are pegged at Rs 420 and Rs 400.

Strong break out of Rs 500 will pave the way for the stock to rally to Rs 530 and then to Rs 550 in the medium-term.

Published on March 10, 2012

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!

Sincerely,

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.