Financial Daily from THE HINDU group of publications
Sunday, May 22, 2005
Financial Daily from THE HINDU group of publications Sunday, May 22, 2005 |
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Investment World
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Technical Analysis Markets - Technical Analysis Focus of the week B. Krishnakumar
Indian Card Clothing (Rs 247.2): After a corrective phase between December 2004 and March 2005, the stock has resumed the upward move. The long-term trend is bullish and the stock appears to be headed towards the immediate target price of Rs.275-280 band. The recent pick-up in trading volumes and the rise in price indicates that the stock has commenced the next leg of the rally towards the target zone. Investors may hold with a stop-loss at Rs 210. Fresh exposures may be considered on a move past Rs 254, with a stop-loss at Rs 220. A close below Rs 210 would negate the positive outlook and would warrant dilution of holdings. Gammon India (Rs 301.5): The stock has been on a bull run since early 2003. The bullish trend does not appear complete. After a consolidation phase in the past few months, the stock appears to have started the next leg of the upward move. The near-term outlook is bullish and the share price could move to the immediate target zone at the Rs 360-370 range. Long-term investors may accumulate this stock on declines. Fresh exposures may also be considered on a close above Rs 313, with a stop-loss at Rs 274. A drop below the stop-loss level would negate the positive outlook; a close below Rs 255 would impart a bearish trend.
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