Business Daily from THE HINDU group of publications
Friday, Feb 15, 2008
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Business Daily from THE HINDU group of publications Friday, Feb 15, 2008 ePaper | Mobile/PDA Version |
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Stocks Markets - Recommendation
We recommend a buy in Nicholas Piramal India from a short-term perspective. From the charts of Nicholas Piramal India we note that it has been on a healthy uptrend, making higher peaks and higher troughs from its June 2006 low of Rs 150. However, it has witnessed a medium-term counter trend, falling from its all-time high of Rs 383 marked in late December 2007 to its January low of Rs 250. Following this, the stock has consolidated sideways between Rs 290 and Rs 320. On February 14, it made a conclusive upward breakout from its sideways consolidation with an above average volume. Besides, the daily momentum indicator also appears to be rising towards the bullish region. We observe a crossover in the daily moving average convergence divergence, which could likely enter the positive region. While the long-term uptrend is still in place, we are bullish on the stock over the short-term also. We expect the stock to move up to our target price of Rs 375 in the short-term. Investors with a short-term perspective can buy the stock with stop loss at Rs 300 levels. Yoganand D.More Stories on : Stocks | Recommendation | Pharmaceuticals
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