Financial Daily from THE HINDU group of publications
Sunday, Dec 11, 2005
Financial Daily from THE HINDU group of publications Sunday, Dec 11, 2005 |
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Investment World
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Technical Analysis Markets - Stock Markets Focus of the week B. Krishnakumar
Praj Industries (Rs 106.4): The stock has been one of the star performers at the stock market in the past couple of years. After moving to a high of Rs 131 in August, the stock has moved into a corrective mode over the past few months. This corrective phase has been completed at the recent low of Rs 84. The near-term outlook is positive and the stock could move to Rs 125-130 level shortly. The outlook would remain bullish till such time the stock trades above Rs 90. Remain invested with a stop-loss at Rs 90. Fresh exposures may also be considered with a stop-loss at Rs 95. Harrisons Malayalam (Rs 96.2): The share price has been in a corrective phase since September, when it had touched a high of Rs 154. The corrective phase appears to have been completed at the recent low of Rs 88. It is, however, uncertain whether the subsequent upward move will be a correction to the earlier fall or a start of a new upward move. Either which way, the stock is expected to move up in the near-term. It could touch the immediate target zone at Rs 130-135. Remain invested with a stop-loss at Rs 85. Fresh exposures may also be considered at prevailing levels and on declines, with a stop-loss at Rs 85.
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