Use upside to book profits in Educomp: Gujral
Published on Wednesday, November 11th, 2009 at 7:06 PMAuthor: stockalert (2027 Articles)
Book profits in Educomp Solutions on upside, says Technical Analyst, Ashwani Gujral.
“In Educomp From a shorter term angle you need to see it relative to Nifty which is above its 50 DMA and this stock is below its 50 DMA and substantially below it, the 50 DMA is around Rs 870. So this is showing sort of a cropping out formation. Today’s rally is just a bounce back because it fell 9% yesterday, so Rs 690-700 is the line in the sand and if that gets taken out then the investors should probably exit. The stock could be headed to Rs 630, but if this bounce back continues, the investors will get another Rs 50-60 which is possible in a volatile good market, maybe the stock does another Rs 50-60 and the investor should take its profit and it looks very unlikely that this will make fresh highs because it will be very difficult for it to cross that Rs 850-870 mark.”
Source : MoneyControl
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