Business Daily from THE HINDU group of publications
Wednesday, Jan 21, 2009
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Business Daily from THE HINDU group of publications Wednesday, Jan 21, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Stocks Markets - Recommendation
We recommend a buy in Power Finance Corporation from a short-term trading perspective. It is evident from the charts of this stock that it has been on an intermediate-term uptrend from its October low of Rs 86. This was also a 52-week low. Since then, the stock has been shaping higher peaks and higher troughs. On January 20, the stock resumed its intermediate-term uptrend from the twin support around Rs 130 (200-day moving average and up-trend line). The stock gained 3.5 per cent, accompanied with above average volume on that session. The daily relative strength index (RSI) is on the brink of re-entering the bullish zone from the neutral region and weekly RSI is steadily raising towards the bullish zone. Taking into account that the intermediate-term up-trend line continues to be intact, we are positive on the stock from a short-term perspective. We expect it to rally until it hits our price target of Rs 149. Traders with short-term perspective can buy the stock while maintaining a stop-loss at Rs 128. Power Finance Q2 net up 17% PFC net up 6% in Q3 Power Finance Corporation: Invest More Stories on : Stocks | Recommendation | Financial Institutions
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