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Friday, Jul 24, 2009
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Business Daily from THE HINDU group of publications Friday, Jul 24, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Stocks Markets - Recommendation
We recommend a ‘buy’ in HT Media from a short-term perspective. It is evident from the charts that after recording an all-time low of Rs 35 in early March, the stock reversed direction and began to trend northward. Since this low, the stock has been on an intermediate-term uptrend, forming higher peaks and troughs. However, the stock was on a medium-term down trend from its June peak of Rs 129 to Rs 81 July low. Apparently the long-term support is pegged at Rs 81; the stock resumed its medium-term uptrend taking support at that level. On July 23, the stock jumped 7 per cent and is trading well above its 21 and 50-day moving averages. Moreover, the intermediate-term up trendline is still in place and intact. The daily relative strength index has entered the bullish zone and the weekly RSI is likely to enter this zone from the neutral region. We are bullish on the stock from a short-term trading horizon. We anticipate it to move up further until it hits our price target of Rs 113 in the upcoming trading sessions. Traders with a short-term perspective can buy the stock, maintaining a stop-loss at Rs 97. Yoganand D.HT Media, German media group tie-up HT Media Q2 net slips to Rs 16.3 cr More Stories on : Stocks | Recommendation
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