Short-Term Investments – Amara Raja Batteries Ltd : IDBI Capital

| June 15, 2010 | 2 Comments

The counter got refreshed in Mar ’09 at 30 levels and resumed its uptrend. During May’09 on back of aggressive buying, stock got fresh boost subsequent to surpassing 40 week SMA and offered a nice rally till 182.

After having rocketed from 30 to 182 and also because the trend had got a tad overstretched stock slipped into consolidation till Jan’10. A small attempted

pullback got arrested at 141 level (38.2 % retracement of swing from 73 to 182) and resumed up move from Mar’10 once again.

Moving to recent price action, we observe that the counter is taking support of 40 week SMA. With last weeks strong bullish candle and rising RSI, this suggests positive moves ahead. With overall setup looking good, we recommend a buy around 173 and on dips to 158 for target of 190 / 203, keeping a stop below 150.

Popularity: 4% [?]

Tags: , , ,

Category: Short Term

«
»