identify the right pick
Stone India Stone India, a company engaged in Indian Railways, is trading at Rs 15.25 in August 2012, then rose to a high of Rs 41 when the markets...
Stone India Stone India, a company engaged in Indian Railways, is trading at Rs 15.25 in August 2012, then rose to a high of Rs 41 when the markets staged a small rally. However, the rally being a weak, petered down immediately and the share corrected up to a low of Rs 30.20. Bargain hunting helped the scrip to once again jump to reach Rs 40.90 and could not cross the previous peak of Rs 41.00. At Rs 40.90, the share made double top pattern that once again brought it down and reach a low of Rs 14 a week ago. This being nearly the level that matched with the previous bottom at Rs 15.25 attracted buyers and the share then did not fall further down and instead tended to look up and close the week at Rs 16.50, and thereby above its short term moving average. This being a first bullish sign, it might take the share further up provided the general markets do not fall. Those investors who have a plan to invest and block their funds for at least a year and a half may buy this issue. Nitco Tiles Nitco Tiles is an average company in the competitive tiles manufacturing industry. The company scrip is recommended for buying as it is available at such a low level of price that the chances of losing money are less than gaining from holding it. The share had reached a high of Rs 336.85 during 2007-08 and fell to a low of Rs 21.00 when the markets went bust. A technical rally that helped most of the scrips rise from their March, 2009 lows took this share to Rs 98.80 but when uptrend is over this share reached Rs 11.45. On Friday, the share received a support at Rs 11.90 and rallied up to Rs 13.79 before closing at Rs 13.53 and close just near its short term moving average at Rs 13.93. A small further rise in its market quote can help it close above its short term moving average and that being a bullish signal might help the share jump up in the days to come. The share is suggested to pick for short term.
12 Dec 2019 11:28 AM GMT