Business Daily from THE HINDU group of publications
Sunday, Oct 11, 2009
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Business Daily from THE HINDU group of publications Sunday, Oct 11, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Electrical Goods Investment World - Stocks Markets - Recommendation Investors with medium-term perspective can consider buying the stock of Emco. Since the multi-year low recorded at Rs 26 in March, the stock has been on an intermediate-term uptrend. After recording a 52-week high of Rs 106 on August 27, the stock witnessed medium-term decline. However, the stock’s medium-term support at Rs 90 triggered the resumption of its uptrend in late September. It is currently trading well above 21-day and 50-day moving averages. Both the daily and weekly momentum indicators are showing signs of optimism. We believe that Emco has the prospect to trend up to Rs 130 in the medium-term. Investors with medium-term horizon can accumulate, while maintaining Rs 71 as stop-loss. Risk-averse investors can consider buying on a close above Rs 106. Short-term traders with high risk appetite can buy with a target of Rs 109 and Rs 94 as stop. — Yoganand D. More Stories on : Electrical Goods | Stocks | Recommendation
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