Technical Analysis

Sizzling Stocks: CESC (Rs 290.5)

Yoganand D. | Updated on March 08, 2018 Published on March 10, 2012


CESC surged 9 per cent with good volume in the previous week and is currently testing key medium-term resistance level at Rs 290. Since its 52-week low of Rs 186 marked on December 28 last year, the stock has been on a medium-term uptrend. The stock is trading well above its 50 and 200-day moving averages. Its daily indicators are featuring in the positive territory implying upward momentum.

A strong breakthrough of the stock's current barrier at Rs 290 will accelerate the stock higher to Rs 312 and to Rs 330 in the forthcoming weeks.

Next key resistance is at Rs 350.

On the other hand, inability to breach the aforesaid resistance will pull the stock down to Rs 275 or to Rs 260 in the short-term.

Only an emphatic dive below Rs 230 will mar the medium-term uptrend and pull the stock down to Rs 210 and then to Rs 186 in the medium-term.

Piramal Healthcare (Rs 483.2)

The stock found long-term support between Rs 345 and Rs 355 in August 2011 and formed a strong base by moving sideways till late November 2011. Piramal Healthcare has been on a medium-term uptrend since then.

On Friday, the stock emphatically penetrated the resistance at Rs 450, climbing 6 per cent with good volume, after testing it for more than two weeks.

But it is posing just below significant long-term resistance zone between Rs 490 and Rs 500. A downward reversal from the resistance will drag the stock down to Rs 450 in the near future.

Subsequent supports are pegged at Rs 420 and Rs 400.

Strong break out of Rs 500 will pave the way for the stock to rally to Rs 530 and then to Rs 550 in the medium-term.

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