Sizzling Stocks: Aban Offshore (Rs 441.1)



Aban Offshore blasted its way higher right from the outset of the week. It gained 10 per cent on Monday and then went on to build on these gains to close the week more than 20 per cent higher. The stock has formed a solid medium-term base between Rs 320 and Rs 330. It has tested this level thrice since last August and is currently trying to move higher.

Short-term impediments will be at Rs 480, Rs 525 and Rs 570. Short-term investors can divest their holding if the stock reverses from any of these levels. Key medium-term hurdles are at Rs 720 and Rs 835. Investors should venture into the stock only if it gets past Rs 835. Inability to get past this level will result in the stock remaining volatile in the range between Rs 300 and Rs 850 over the ensuing months. Stop for investors can be at Rs 300.

IRB Infrastructure Developers (Rs 161.9)

IRB Infra also turned red hot this week, gaining 14 per cent. The prospects of the stock were looking quite bleak till the first week of January when it recorded a 31-month low at Rs 122. Its fortunes, however, revived since then and the stock is up 26 per cent from this trough. This trough can now act as the stop-loss for investors. Those with higher risk taking ability can also buy in declines with the same stop.

Near-term resistances for the stock would be at Rs 170 and Rs 195. Medium-term view will turn positive only on a close above Rs 200. Else the outlook for the stock will remain in doldrums. Long-term resistances are at Rs 240 and Rs 315.

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