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Tuesday, December 22, 1998
MTNL: A good short-term bet
K Seshadri
December 21: MTNL offers a good opportunity for short term traders. It has come down from Rs 188 to Rs 165. Now it is on the path of recovery. On the daily charts, the stochastic indicator has singalled a buy, as indeed is the case in the weekly charts. The RSI indicator is about to turn green. Therefore long term buyers should also consider entering the scrip now.The scrip had gone down in response to the news that the government was thinking of asking financial institutions and banks to absorb some equity that will be downloaded at a price lower than the market price. Rs 149.20 was the June, 1998 bottom. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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