It is time to book profit in Carrier Aircon. Earlier, the scrip had reached a high of Rs 308; the decline started from there and the scrip hit a low of Rs 165.
It rose again from there and this time topped out Rs 268. The next decline brought it to Rs 194. It has now risen to Rs 240. At this level, as it can be seen in the chart, the scrip is coming up against the trend resistance line.
This resistance takes into account the top at Rs 308 and then at Rs 268 at the second rise. The scrip will find resistance to move up higher. It could of course break out on the upside. But given the robust rise from bottom, profit-taking is more likely. Collect your profit before others do!
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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