Financial Daily from THE HINDU group of publications
Sunday, Jun 05, 2005
Financial Daily from THE HINDU group of publications Sunday, Jun 05, 2005 |
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Investment World
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Technical Analysis Markets - Technical Analysis Focus of the week B. Krishnakumar
Nicholas Piramal (Rs 268.4): Pharma stocks have been on a downward trend in the recent months. Nicholas Piramal was no exception to this bearish trend. The stock appears to have completed the downtrend at the latest low of Rs 200. The stock appears to have commenced the next leg of upward move and could move to the target zone of Rs 315-320. A close above Rs 295 would confirm the onset of the new upward move. Stop- loss for long positions may be placed at Rs 249. Fresh exposures may also be considered on price weakness with a stop- loss at Rs 249. Exposures may be enhanced on a close above Rs 295. Aztec Software (Rs 120.7): The stock was covered earlier in this column in the edition dated February 13. The share price has moved in line with expectations and has moved to the target zone of the Rs 125-130 range. The outlook for the stock remains bullish. The share price could move to the next target zone at the Rs 145-150 range. Investors who have entered the stock earlier may hold with a stop-loss at Rs 100. Fresh exposures may also be considered on price weakness with a stop-loss at Rs 100. A close above Rs 122 may be used to enhance exposures with a stop-loss at Rs 110.
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