The Hindu Business Line : Focus of the week

The recent downtrend does not appear complete. There is a possibility of the resumption of the downtrend on the completion of a short-term relief rally.

The stock could move to the immediate resistance level at the Rs 465-470 range. There is a scope for a drop back to the Rs 425-430 range if the stock fails to close above this range. Shareholders may remain invested with a stop-loss at Rs 435.

Aggressive short-term traders may consider long positions with a stop-loss at Rs 435 and a target price of Rs 465.

Short positions may be considered on the evidence of resistance at around Rs 465-470 with a stop-loss at Rs 482.

A close above Rs 482 would negate the bearish outlook.

IPCL (Rs 229): The recent price pattern indicates that the downtrend that started at Rs 251 has been completed at the latest low of Rs 210 recorded a couple of days ago.

There is a case for at least a short-term bounce to the immediate resistance zone at Rs 255-260.

The short-term positive view would be valid as long as the price holds above the stop loss level at Rs 219.

Investors may wait for intra-day price weakness and consider long positions with a stop-loss at Rs 219.

Shareholders may remain invested with a stop-loss at Rs 219.

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