Sunday, February 28, 2010

Technical Analysis - 3i Infotech

3i Infotech (Rs 73.6): 3i Infotech had been moving in a range between Rs 75 and Rs 103 since August last year. It declined slightly below the lower boundary of this range during last week and closed rather precariously just below.

Unless the stock climbs above Rs 76 next week there is the possibility of the decline continuing to Rs 64 or Rs 55 in the months ahead. Investors should divest this stock on a move below Rs 68.

Conversely if the stock moves above Rs 75 next week, it will imply that it can progress to Rs 91 or Rs 102 in the medium term.

A weekly close above Rs 112 is needed to make the long-term view positive for this stock. Investors with long-term perspective can buy the stock in declines with stop at Rs 52.

Source : BL

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