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Sizzling Stocks: TATACOM, RAYMOND

Sizzling stocks: Tata Communications (Rs 330.2)

The stock found key long-term support in the band between Rs 230 and Rs 240 in early June 2010 and has been on a short-term uptrend. It surged more than 6 per cent on Monday, this bullish momentum prolonged till the stock ended end the week with a 20 per cent gain. The weekly volume is extra-ordinary. The stock is currently testing significant long-term resistance in the zone between Rs 330 and Rs 340. Strong weekly close above this zone will take the stock ahead to Rs 370 and to Rs 390 in the medium-term.

Inability to surpass the resistance zone in the near-term will drag the stock lower to its immediate support level of Rs 295–300 range. Key support below this level is at Rs 270.

Raymond (Rs 374.9)

Raymond was more enthusiastic by gaining Rs 133 or 55 per cent last week. The volume traded was astonishing. From March 2009 low of Rs 68, the counter has been on an intermediate-term uptrend. With previous week's unusual surge, the stock has breached its key long-term resistance at Rs 350 conclusively. Immediate resistance for the stock is at Rs 400 and Rs 410 band. Both the daily and weekly relative strength indices have entered in to the overbought territory signalling near-term cautiousness. Therefore, a reversal from the current levels can pull the stock down to Rs 350 or to Rs 310 in the medium-term. On the other hand, as long as the stock trades above Rs 280, it has the potential to reach target of Rs 460 and Rs 480 in the long-term. — Yoganand D.

TECHNICAL ANALYSIS: Index Outlook: Heavyweights to the rescue
Odds piled up against the progress of the ongoing rally last week. Slowing economic growth in the US and Europe, domestic first quarter earnings doing likewise and indices nearing critical resistance caused a mid-week wobble in the ...

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