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K Seshadri
September 28: EIH is going strong, as is evident by the gain it made on Monday, when the market was reacting. After opening at Rs 221.40, the scrip closed at Rs 233.90.
However, the movement in the scrip was not without reason. The scrip had declined from Rs 392 to a low of Rs 155 and is now on its recovery path. The weekly chart clearly shows that there has been volume investment on its path to recovery.
The stochastic indicator is in positive territory both in the daily charts as well as the weekly.
They are close to the overbought levels though. But quite often a scrip finds itself continuing to move up further despite being overbought. Should the market reaction on Tuesday depresses the price of this stock, you could use the opportunity to get in for both short term as well medium term gains.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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