Business Daily from THE HINDU group of publications
Sunday, Nov 19, 2006
ePaper
Business Daily from THE HINDU group of publications Sunday, Nov 19, 2006 ePaper |
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Investment World
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Technical Analysis Markets - Stock Markets
The stock has been undergoing a quiet base-building phase in the zone between Rs 120 and Rs 170 since July. The double bottom at Rs 120 halted the brutal 52-per cent drop from the March highs. The Rs 120 support is also a 50-per cent retracement of the upward move from the 2004 lows of Rs 19. The long-term charts are beginning to enter into buy mode, leading to the view that the scrip could be readying to launch into the third leg of the upward move that began in 2004. Extrapolating this move on arithmetic scale gives us long-term targets of Rs 262 and then Rs 350. Long-term investors should accumulate on dips with a stop at Rs 115. Short-term investors can buy with a higher stop at Rs 145 for short-term targets of Rs 183 and then Rs 205. Follow-up KEI Industries (Rs 372.4): This stock galloped in the first half of last week to hit our short-term target of Rs 390. The intra-week high for the stock was Rs 410, a gain of 10 per cent from last week's close. This stock is a good long-term bet, as the chart is undergoing a bullish running correction. We retain our view that long-term investors can buy at current levels with a stop at Rs 300.
Lokeshwarri S. K.
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