Financial Daily from THE HINDU group of publications
Sunday, Sep 26, 2004
Financial Daily from THE HINDU group of publications Sunday, Sep 26, 2004 |
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Investment World
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Technical Analysis Markets - Technical Analysis Focus of the week B. Krishnakumar
Crompton Greaves (Rs 222.9): After moving in a narrow band, the stock appears to have resumed the uptrend. The near-term outlook is positive and a move to the Rs 245-250 range appears likely. Hold with a stop-loss at Rs 180. Buying may also be considered with a stop-loss at Rs 205. Tata Sponge Iron (Rs 158.2): The stock appears to be moving towards the Rs 178-180 range in the near term. This view would be valid as long as the stock trades above Rs 145. Fresh buying may be considered on a move past Rs 162, with a stop-loss at Rs 150. A fall below Rs 145 would warrant dilution of holdings. Follow-up Thomas Cook (Rs 498.9): The price movement was devoid of momentum in either direction. This does not, however, affect the positive outlook for the stock indicated last week. The view that the stock is headed towards the Rs 600 mark remains unchanged. Long-term investors may accumulate the stock in small lots. Stop-loss for fresh long positions may be placed at Rs 460. Shareholders may have the stop-loss at Rs 450. KEC International (Rs 110.7): As anticipated, the stock ruled weak in the early part of the week and recovered ground on Friday. The view that the stock would move to the Rs 125 level remains valid. Existing holders may have a stop-loss at Rs 90. Fresh buying may be considered on a move past Rs 117, with a stop-loss at Rs 102.
(The analysis and opinion expressed in these columns are based on the technical analysis of the past price behaviour. Opinion and price targets are based on the Elliott Wave Analysis. The stop-loss level provided with the recommendation is important. The original view would stand negated if the stop loss level is breached. There is a risk of loss in trading)
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