Sunday, April 12, 2009

Technical Analysis - Everonn

Everonn Systems (Rs 156.1): This stock was unable to hold above its October 2008 low and formed a new life-time low at Rs 79 in March this year. The formation of a lower bottom is a sign of weakness and implies that the medium-term trend in the stock continues to be down. Short-term resistances for the stock are at Rs 230 and Rs 317. Investors with a short-to-medium term perspective should exit at either of these levels. Long-term investment in this stock can be considered only on a weekly close above Rs 350.

— Lokeshwarri S.K.

businessline 12-04-09