CMP 83.35 BSE 17813
- As Readers of this Blog who also follow JP ASSOCIATES will be aware, I had delineated three important levels of 66, 72 and 81 (all closing basis) for the Scrip in my earlier Posts on the Stock.
- We have already seen that in the earlier two down legs, the support of 66 has held out and not been violated.
- The closest the Scrip came to 66 was on 27/2/2012 (intraday low 68.75, closed at 70.1) and on 6/3/2012 (intraday low 66.15, closed at 69.6).
- Readers will be happy to note that the Scrip has not violated 66 closing basis ever since 19/1/2012 and thus has weathered the two downturns mentioned earlier very successfully.
- For my money, 66 presents a good medium to long term base for the scrip.
- As for the upside, I would like to see the Scrip close above 81 for a few more sessions, in which case, the next target would be 103.
- Long term money can BUY on dips and positional participants can get in at CMP and play for 103.
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