Monday, July 18, 2011

Jyoti Structures - Sell

We recommend a Sell in the stock of Jyoti Structures from a short-term perspective. It is seen from the charts of the stock that it had been on a medium-term downtrend from its January peak of Rs 140, until it found support at its long-term support level of Rs 75 in mid-March. However, the stock changed its direction from the support level, triggered by positive divergence in daily and weekly relative strength index. Since then, the stock has been gradually moving higher.

The daily RSI has entered in to the berish zone from the neutral region and weekly RSI is on the verge of entering into the neutral region from the bearish zone. Daily moving average convergence divergence indicator has signalled a sell.

We are bearish on the stock from a short-term horizon. We expect it's up move to prolong until it hits our price target of Rs 75 or Rs 68 in the ensuing months.

Time Span Price Change %Change
Today 86.80 -1.60 -1.80
Week 91.90 -3.50 -3.80
Month 87.75 0.65 0.74
Three Months 90.05 -1.65 -1.83
Six Months 117.70 -29.30 -24.89
One Year 157.45 -69.05 -43.85

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