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Deepak Singh Tanwar
MUMBAI, Sept 29: During the second quarter of the year, the share price of Essel Packaging was in the corrective phase. In its corrective phase, it had fallen from Rs 285 in April to Rs 121 in the second week of June.
However, since then, the performance has been good and the stock has been improving steadily. In fact, it has been posting higher bottoms. With the latest jump, the stock has also managed to cross its immediate resistance levels of Rs 176 and Rs 182 respectively. The bullishness has been further confirmed by a smart jump in volumes. The oscillators have also turned bullish. The 21-day RSI has also been forming higher bottoms and has entered into bullish zone. Similar can be said about the medium term MACD. The moving averages have also turned positive. All these factors are nothing but a pointer toward a positive future. Since the stock is expected to remain bullish, long position can be taken for short-term profits.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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This story was printed from Net Express located at http://www.expressindia.com. Net Express provides a portal to India, with news from The Indian Express and The Financial Express along with sites on travel and tourism, the entertainment industry, the power sector, the environment and much more.
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