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Drumbeat: Ad Buzzaar
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Friday, May 29, 1998
Buy Ranbaxy at Rs 543
K Seshadri
Ranbaxy Lab is a good speculative play in today's market. On Thursday, The scrip opened at Rs 600, moved up to post a high of Rs 607. In a market which was predominantly bearish, the scrip went down to Rs 585, but recovered to close at Rs 600. The daily stochastic indicator has signalled a buy from the oversold region. In the weekly chart, the scrip is in the oversold region but the price is yet to cross over the buy trigger.The successive support levels over the last two years in the weekly chart downside for this scrip is Rs 581, Rs 543 and Rs 517. Target to pick it up at Rs 543, taking advantage of a reactive market on Friday. In recent times, the scrip had a steady support line at Rs 680, which has broken down. If the scrip recovers it has the potential to move up to Rs 625 and then Rs 650. This is recommended as a two-in-one. Short term as well as long term strategy. Place a stop loss depending on your stance. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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