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Esab India: Book profit
K Sheshadri
It is time to book profit in Esab India. The scrip has moved up in recent times from Rs 120 to Rs 138.50. Even though the short-term stochastic indicator has not signalled a sell, one must take note that the scrip closed much lower than its opening. It opened at Rs 143, peaked to a high of Rs 148. On the lower side it came down to Rs 136.10 and closed at Rs 138.50. Volumes have been going up in the last four sessions.The technical signal for selling may come only after the scrip has shed some more of the gain. But one need not wait for this. Instead, one should make room for the fact that the market is bullish. So target your profit-booking at Rs 140 or above. Book it lower, if the scrip refuses to move up. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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