Financial Daily from THE HINDU group of publications
Sunday, Dec 25, 2005
Financial Daily from THE HINDU group of publications Sunday, Dec 25, 2005 |
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Investment World
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Technical Analysis Markets - Stock Markets Focus of the week B. Krishnakumar
SRF (Rs 279): After a sharp uptrend, the stock went into a corrective phase since September 2005. This corrective phase appears to have been completed at the recent low of Rs 228. The subsequent rally can be categorised as the start of a fresh leg of upward move. If this view is valid, the stock could move to Rs 320-325 in the near-term. The positive view would be valid as long as the stock holds above Rs 260. Hold with a stop-loss at Rs 260. Fresh exposures may also be considered with the same stop-loss. A close below Rs 260 would warrant dilution of holdings and a drop below Rs 250 would require liquidation of long positions. Hindustan Construction (Rs 127): The stock has been in a major uptrend in the past few years. This upward trend does not appear complete as yet. A move towards the next target zone at Rs 145-150 appears likely. This view would be valid if the share price does not dip below Rs 110. Shareholders may remain invested with a stop-loss at Rs 110. Fresh exposures may also be considered at prevailing levels and on weakness, with the stop-loss at Rs 110. A close below Rs 110 would negate the short-term positive outlook and would warrant dilution of holdings.
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