• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

We recommend a buy in Castrol India at current price levels. From the weekly chart of Castrol India we note that the stock has been on a long-term uptrend since July 2006 low of Rs 160. However, after marking a high of Rs 310 in May, the stock gradually declined and found support at Rs 250 in July. Since then the stock has been moving sideways between Rs 250 and Rs 280 levels. The immediate support for the stock is at Rs 250 and the next key support for the stock is at Rs 210. The stock penetrated the 21- and 50-day moving averages recently. The relative strength index, which is momentum indicator, is implying a potential near-term upside. Short-term investors can buy the stock with a stop loss at Rs 258. We expect the stock to move up to Rs 290 in the short term with a minor pause around Rs 280.

BL Research Bureau

More Stories on : Stocks | Recommendation | Petroleum

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Fresh ‘low’ kills incumbent, to soak east

Copyright © 2007, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line