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India Infoline puts BUY on Sterlite Industries

India Infoline puts BUY on Sterlite Industries
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First Published: Mon, Dec 01 2008. 09 58 AM IST
Updated: Mon, Dec 01 2008. 09 58 AM IST
The stock movement since September 2008 till date has faced resistance at the downward sloping trendline. The daily momentum indicators like RSI and MACD are exhibiting positive divergences, indicating a strong possibility of a break out above the resistance trendline.
The stock has witnessed significant value erosion (down 85%) from its all time high of Rs1,140, registered during December’07.
The stock touched its 52-week low of Rs164 during October’08 end and since then has held on to the crucial support levels of Rs200-205. Daily candlestick chart suggests formation of multiple bottoms at the Rs200 on a closing basis.
We recommend traders to BUY the stock at current levels and on declines with a stop loss of Rs218 for target of Rs255-265.
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First Published: Mon, Dec 01 2008. 09 58 AM IST
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