December 28: I had recommended MTNL earlier last week at around a price of Rs 168. The scrip had advanced up to Rs 185. At this level it has now crossed an important resistance level.With the crossing of this resistance, you need not be in a hurry to book profit on this scrip. On the other hand, you can add more to your holdings. In fact, even new entrants would find it profitable to enter even at this stage. And that applies especially to long term investors. There could be a small resistance at Rs 10 further addition upwards. But mostly this resistance will be sailed through. Log in now.
The government's buy back seems to be driving the scrip. The technical indicators, even though in overbought zone, still indicate a buy, when the daily and weekly charts are read together.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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