It is profit booking time at the IPCL counter. The scrip had reached a peak of Rs 59 on December 22. On Wednesday it posted a high of Rs 59.55 but closed lower at Rs 57.10. The scrip had risen from the low of Rs 49.10.Beginning December, 17 it reached up to the top in just three sessions. The stochastic indicator on the daily chart has signalled a sell.
The earlier peak for this scrip was Rs 65. But a more sustained high level has been slightly lower. So it is better to book profit now, for the scope for upward movement is limited. And in any case the downward slide is visible now.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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