In May, Philips India stock showed a negative trend on the bourses. From a peak of Rs 175, the stock fell steadily to Rs 139 in the last week of May. Since then, however, the performance has been impressive and the stock has shown signs of improvement. The first indication has been the formation of a higher bottom.On Tuesday, the stock closed at Rs 154. With this close, the stock has moved above the short-term falling trendline, which is a positive signal. The break has been accompanied by higher volumes. The oscillators have also given similar break-outs.
Overall, with the latest the move, the short-term outlook for the stock has improved and this suggests that the uptrend is likely to continue. Long positions can be taken at the current level with a stop loss of Rs 143. The stock has a resistance at Rs 175. Till then, the ride is expected to be smooth.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
Printer-friendly page
