CMP 18.9 BSE 17445
- So, finally,friends the anticipated correction is upon us now what with the major sell-off that we saw in both indices as well as broader Markets today. The first tidings of the impending correction were there about fifteen days back and I had, in my post dtd 11/2/2012 (SEE HERE)talked about the same.
- Anyway, now that we are in the midst of it, let us look at some critical levels for some of the scrips.
- LANCO INFRA, as pointed ot in my earlier Post (SEE THIS) has a critical support level at 18.8 and today despite the weakness, after touching 18.65 intraday it closed at 18.9
- Of course, this does not mean that the level will hold tomorrow but were it to close above 18.8 tomorrow as well, it would give us a little more confidence about the durability of its general uptrend.
- In case 18.8 breaks on a closing basis, we could see it go down to levels of 15.25 where, in my studied opinion, long term investors should take a chance and buy into the Scrip.
- Brave long term investors could even look at entering around 16.5 or 17 levels. In case of overnight weakness in the US and European Markets, it is almost certain that there will be a selling flurry in opening trade tomorrow, in which case we could get 16 or 17 intraday tomorrow where the Scrip can be bought in small lots.
- So watch out for 18.8 tomorrow.
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