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Drumbeat: Ad Buzzaar
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Tuesday, July 14, 1998
Good time to buy ITC
K Seshadri
ITC is under reaction. It peaked at Rs 713 and came down to close at Rs 675. Three sessions earlier this scrip was at Rs 655. The scrip has formed an evening star, which indicates that the scrip would continue to be weak in the next session. But given the good fall on Monday this weakness may not be more than opening at the lower close of Rs 675. Strictly speaking though the evening start formation, strictly according to books should go down. The leftside of the shoulder in the current head and shoulder formation is at Rs 653. The formation started at Rs 622. You could target to pick it up at one one of these points depending upon where it meets with resistance as can be seen in the market action. On a slightly longer term, the scrip was on its way to Rs 750. The present correction is a good opportunity to get in.Bank of India: Pick up this scrip between Rs 32 to Rs 30.50. Medium-term recovery should propel this towards Rs 40, which can happen much earlier. Orient Bank: Pick it up at Rs 47for medium-term investment. Recovery should take it to Rs 65. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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