It is time to book profit at the Parke Davis counter. The scrip has attracted high speculative volumes in the last one week. It rose from Rs 204 to Rs 245. It has now reacted to Rs 235. On the daily charts the stochastic indicator has cut through its trigger and has signalled a sell. It would be sensible to book profits at this counter now.The range of price movement was limited on Monday. This could well be because the bulls are holding on and liquidating in a graduated fashion. But going by the technicals it would be right to book profit. Quite arguably you could try and sell at the higher end of the price band.
On the weekly charts the stochastic is still to give a negative signal, but considering the brisk rise from Rs 168 on July 10, it would still call for a profit booking stance.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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