Business Daily from THE HINDU group of publications
Wednesday, Oct 31, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Wednesday, Oct 31, 2007 ePaper | Mobile/PDA Version |
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Stocks Markets - Recommendation
We recommend a sell in Steel Authority of India (SAIL) at current levels. It is evident from the weekly chart of SAIL that it has been on a steady long-term uptrend since the July 2006 low of Rs 64. From the daily chart, we note that the long-term uptrend accelerated from mid-August, around Rs 140 levels and the stock has doubled its value in the short span of two and half months that followed. After marking a life-time high of Rs 280.90 (on October 30), the stock tumbled more than 5 per cent on good volumes. With this fall, the stock has formed a bearish engulfing candlestick pattern (which is a short-term reversal pattern). Moreover, the weekly momentum indicator has reached the overbought territory and the daily momentum indicator is showing prolonged bearish divergence. Short-term investors can sell the stock with stop loss at Rs 282. We expect the stock to decline to Rs 215 in the short-term. Yoganand D.More Stories on : Stocks | Recommendation | Steel | Steel Authority of India Ltd
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