CMP 47.85 (1200 HRS) BSE 17559 (1200 HRS)
- There exists a reasonably strong support for the scrip at 45-46 levels.
- The abovementioned support of 45-46 has held out pretty well in the market downturn/consolidation, call it what you may, which crept in post 17/2/2012, having been tested on the sell off day on 27/2/2012 wherein the Scrip touched intraday low of 45.5 but closed at 45.85.
- This does make one reasonably confident that 45-46 should hold.
- However, in case of a break on closing basis below 45 for a few sessions, the Scrip could see 42 levels where exists a strong DMA based support.
- The Stock still remains a BUY but it may be prudent to phase out the buying into small lots and enter on dips. Long term trend as well as Fundamentals warrant a Bullish outlook on the Scrip.
- Having said the above, of the two RPG scrips ie JYOTI STRUCTURES and KEC INTERNATIONAL, KEC seems to be stonger Technically as well as on Fundamentals which includes better than expected Q3 FY2012 numbers.
EARLIER POST ON JYOTI STRUC. DTD 14/1/2012 SEE HERE
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