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Sunday, June 14, 2009

Today's Pick

veer on Sunday, June 14, 2009 |

Sell HCC



Sell in Hindustan Construction Company from a short-term trading perspective. After recording a 52-week low at Rs 28.8 on March 12, the stock reversed direction and began to move north. However, around Rs 125, the stock encountered resistance and started to lose momentum. Triggered by the negative divergence in the daily RSI , the stock started declining. On June 8, it dived 9 per cent followed by a 7-per cent decline on June 12. The weekly RSI is declining from the overbought levels. The daily moving average convergence and divergence indicator is signalling a sell. Our price target is Rs 94. Traders with short-term perspective can sell the stock while maintaining a stop-loss at Rs 112.


source: BL

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