Business Daily from THE HINDU group of publications
Tuesday, Feb 01, 2011
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Business Daily from THE HINDU group of publications Tuesday, Feb 01, 2011 ePaper | Mobile/PDA Version | Audio | Blogs |
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Stocks Markets - Recommendation 
We recommend a buy in the stock of Ambika Cotton Mills from a short-term perspective. It is evident from the charts of the stock that it has been on a long-term uptrend from its March 2009 low of Rs 37, forming higher peaks and troughs. However, following a corrective downtrend, the stock found support at its long-term base between Rs 180 and Rs 190 in early December 2010 and bounced up. Moreover, the stock retested this support-band in early January 2011 and resumed its long-term uptrend. Since then it has been on a short-term uptrend. On January 31, the stock jumped 3.6 per cent accompanied with above-average volume, breaching its moving average compression (21-, 50- and 200-day moving averages) around Rs 210. The daily relative strength index (RSI) has entered in the bullish zone from the neutral region and weekly RSI is heading towards this zone. Daily moving average convergence divergence (MACD) indicator is on the brink of entering the positive territory and weekly MACD is featuring in this territory. Our short-term outlook is bullish on the stock. We expect it to move higher until it reaches our price target of Rs 231 or Rs 236 in the forthcoming trading sessions. Short-term traders can consider buying the stock with stop-loss at Rs 216. Yoganand D. BL Research Bureau More Stories on : Stocks | Recommendation
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