Financial Daily from THE HINDU group of publications
Sunday, Nov 13, 2005
Financial Daily from THE HINDU group of publications Sunday, Nov 13, 2005 |
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Investment World
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Technical Analysis Markets - Technical Analysis Focus of the week B. Krishnakumar
Balrampur Chini (Rs 89): The stock has been moving in a sideways pattern for almost three months now. This could be part of a consolidation pattern before the start of the next leg of the upward move. The stock appears to be tracing out a "bull flag" pattern. A close above Rs 95 would mark the breakout from this pattern and the stock could subsequently move to Rs 115-120 range. 0The positive outlook would be valid as long as the stock holds above the stop-loss level at Rs 78. Investors may hold with a stop-loss at Rs 78. Fresh exposures may be considered either on price weakness or on a breakout above Rs 95. Ajanta Pharma (Rs 73): The share price has fallen sharply after touching a high of Rs 108 in September. This downtrend appears to have been arrested at the low of Rs 63 recorded a few days ago. The stock could rule firm in the near term and could move to the Rs 85-88 range shortly. The positive view would be negated on a close below the stop-loss at Rs 62. Investors may hold with a stop-loss at Rs 62. Fresh exposures may also be considered on weakness, with a stop-loss at Rs 62. There is a short-term resistance at the Rs 75-76 range. A move past this range would confirm the possibility of a rally to the target zone.
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