Short-Term Investments – Unichem Laboratories Ltd : IDBI Capital
From appended weekly chart we can make out that this pharmaceuticals counter offered a fantastic breakout in May’09 from a range bound phase of almost four months.
Thereafter prices offered a nice rally taking support of middle Bollinger band from 175 level till 452 in April’10 where the rally got capped. The stock
topped out and lost its steam owing to profit booking and witnessed a sharp fall till May’10 where the downfall was restricted at the same middle Bollinger
band that acted as support at 375 level.
With last weeks breakout stock surpassed crucial value resistance of 421 quite convincingly signalling bulls are in complete control of this counter. RSI too
took support of 60 and turned up reaffirming bullish bias. With counter now registering life high and bulls are gripping this counter we advise buying at current level (465) and on dips to 440 keeping stop loss below 428 for targets around 495 / 510.
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Category: Short Term
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