Sizzling Stocks: Ranbaxy (Rs 492.6)
Taking support at Rs 440, Ranbaxy turned red-hot and witnessed a spectacular rally over the week by gaining 11 per cent. There has been an increase in volumes over the past four trading sessions. The stock breached its 200-day moving average on Wednesday and its key medium-term resistance around Rs 480 on Friday. It appears to have resumed its intermediate-term uptrend that has been in place since March 2009 low of Rs 133.
The stock has the potential to prolong its ongoing rally until it encounters resistance at the Rs 520-530 band. As this resistance band is a significant long-term resistance, the stock may face some difficulty in surpassing it in first attempt. On a strong close above Rs 530, the stock can move higher to Rs 570 in the medium-term. Immediate key supports are pegged at Rs 465 and Rs 440. Long-term key support is at Rs 400.
The stock zoomed 14 per cent last week, accompanied by good volume. After finding support at Rs 1,260 in early June, the stock recommenced its long-term uptrend. It is hovering well above its 21 and 50-day moving averages and testing intermediate-term resistance in the range between Rs 1,825 and Rs 1,856. Presence of key resistance coupled with the daily relative strength featuring in the overbought territory imply short-term cautiousness. Failure to climb past this resistance will drag the stock lower to immediate support at Rs 1,700 or Rs 1,600 in the short-term. However, a decisive move above Rs 1,856 will lift the stock to Rs 1,900. — Yoganand D.
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TECHNICAL ANALYSIS: Sizzling Stocks: Ranbaxy (Rs 492.6)
Taking support at Rs 440, Ranbaxy turned red-hot and witnessed a spectacular rally over the week by gaining 11 per cent. There has been an increase in volumes over the past four trading sessions. The stock breached its 200-day moving average ...
Taking support at Rs 440, Ranbaxy turned red-hot and witnessed a spectacular rally over the week by gaining 11 per cent. There has been an increase in volumes over the past four trading sessions. The stock breached its 200-day moving average ...
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Stock strategy. Cairn India: The stock turned volatile recently after Vedanta Resources said it would acquire 51-60 per cent in it for $8.5 billion to $9.6 billion. The indication of Rs 405 a share (which includes a non-compete fee of Rs 50) ...
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Src: Businessline
1 comment:
fantastic blog sir.
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