• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

The scrip fell below our medium-term target of Rs 950 last week to hit an intra week low of Rs 897. The stock has also closed below its long-term 200 day moving average. The intensity of the fall on the last two trading sessions suggests that this is the C wave of the move that started from December 5, 2006. This wave has the targets of Rs 950 and then Rs 842.

Strong support also exists at Rs 874, where investors can anticipate a reversal. But it would be prudent to wait for a close above Rs 940 before fresh purchases are made here.

Lokeshwarri S. K.

More Stories on : Technical Analysis | Stock Markets

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Commodities as an emerging asset class

Copyright © 2007, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line