Sunday, February 28, 2010

Technical analysis - Astec Life

Astec Lifesciences (Rs 45.8): Astec Lifesciences started trading at Rs 85.5 in November 2009. After recording a life-time high at Rs 96 in December that year, the stock has been spiralling lower in to an abyss.

Insufficient history makes it difficult for us to give a long-term opinion on this stock. But it is apparent that it is in an intense down-trend since the beginning of February. Close above Rs 60 is the first signal required to show that the short-term down trend has reversed.

On the other hand we cannot rule out further slide in the days ahead. Investors can therefore divest their holding at current levels and re-invest on a close above Rs 60. Subsequent targets are Rs 65 and Rs 72.

Source BL

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