Financial Daily from THE HINDU group of publications
Sunday, Aug 28, 2005
Financial Daily from THE HINDU group of publications Sunday, Aug 28, 2005 |
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Investment World
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Technical Analysis Markets - Technical Analysis Focus of the week B. Krishnakumar
Deepak Fertiliser (Rs 81.8): The stock is in a long-term uptrend. It appears to have completed the short-term corrective phase last week. The occurrence of a bullish reversal bar on Wednesday followed by a recovery in price in the following two days is a positive development. The rise in price backed by the pick-up in volume indicates the onset of the next leg of the upward move. The stock appears to be headed towards the immediate target zone of the Rs 115-120 range. The positive view would be valid as long as the stock holds above the stop-loss level of Rs 69. Investors may remain invested with a stop-loss at Rs 69. Fresh exposures may also be considered with this stop-loss level. Mysore Cement (Rs 33.8): After an extended period of bearish phase, the stock appears to have commenced a bullish trend since mid-2003. The long-term uptrend that commenced in 2003 is still intact and the stock could move to the immediate target zone of Rs 48-50 shortly. There is, however, a possibility of the short-term bearish trend pushing the stock to the Rs 29-30 range. Price weakness ought to be viewed as an opportunity to take exposures, as the long-term trend is positive. This trend would be negated if the stock closes below Rs 26. Remain invested with a stop-loss at Rs 26. Fresh exposures may also be considered on price weakness with a stop-loss at Rs 26.
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