Business Daily from THE HINDU group of publications
Tuesday, Apr 22, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Tuesday, Apr 22, 2008 ePaper | Mobile/PDA Version | Audio |
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Stocks Markets - Recommendation
We recommend a buy in Jaiprakash Associates from a short-term perspective. It is evident from the charts of Jaiprakash Associates that it was on a medium-term downtrend from its January 2008 high of Rs 510 to its March 2008 low of Rs 189. However, after finding support at around Rs 200 level in late March, the stock bounced off supported by positive divergence in the daily momentum indicator. Later on, the stock breached the medium-term down trendline and was moving sideways. On April 21, the stock jumped up by 7 per cent penetrating the 21-day moving average, on above average volume. The daily momentum indicator is rising in the neutral region towards the bullish zone. The weekly momentum indicator has taken support at 40 levels and has begun to rise. We notice a positive divergence in the moving average convergence and divergence and is constantly rising towards the positive territory. We are bullish on the stock from a short-term point of view. We expect the stock to move up to our price target of Rs 265 in the short-term. Investor with short-term perspective can buy the stock while keeping the stop-loss at Rs 219. Yoganand DMore Stories on : Stocks | Recommendation
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