Business Daily from THE HINDU group of publications
Sunday, Nov 08, 2009
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Business Daily from THE HINDU group of publications Sunday, Nov 08, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Packaging Investment World - Stocks Markets - Recommendation 
Investors with medium-term perspective can consider buying the Max India stock. Since its October 2008 low of Rs 81, the stock has been trending upwards. However, after encountering resistance around Rs 250 in June 2008, it began to decline. The counter recently found support around Rs 170 that occurs at 50 per cent fibonacci retracement level of its prior up move and has been moving sideways since then. Besides, we notice that the formation of falling wedge pattern since June. This is a bullish continuation pattern. The daily moving average convergence and divergence indicator is also displaying positive divergence signalling a potential reversal. We believe that the counter can break through this pattern and trend upward until it touches our price target of Rs 225 in the medium-term. A minor pause around Rs 200 is possible. Investors can buy the stock while maintaining Rs 156 as medium-term stop-loss. Short-term traders can buy with a target of Rs 198 and with Rs 171 as stop. — Yoganand D. Max India consolidated net loss widens on insurance expansion Max India Q2 net profit dips 31% More Stories on : Packaging | Stocks | Recommendation
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