Friends,
I request all to express your opinions for these info. of ICICIDIRECT
PETLNG
ADHMET
Petronet LNG
Reco price
Target 1
Target 2
Stop Loss
PETLNG
Rs 72.70
76.30
77.80
70.50
Date: 09/12/09
Petronet LNG Ltd has set up the country's first LNG receiving and regasification terminal at Dahej, Gujarat and is in the process of building another terminal at Kochi.
The Dahej terminal, which had an initial capacity of 5 million metric tones per annum (MMTPA), has been expanded to 10 MMTPA in the current year. The Kochi terminal will have a capacity of 2.5 MMTPA
Technical view:
*
On the daily chart, the stock has formed a long bullish candle in Tuesday's trade and closed above the previous top, thus forming a higher top. The price rise has come with high volumes signalling positive movement in the stock
*
Petronet LNG has seen accumulation in the range of 62-71 levels in the last few weeks. In the process, it has formed multiple support around 71-69 levels
*
The stock is currently trading above the 20 days and 50 days Simple moving Average (SMA), which is at 69.5 and 71 levels
*
Among momentum oscillators, the 14 day RSI is in a rising trend and is showing strength for a fresh up move
Top
Adhunik Metaliks
Reco price
Target 1
Target 2
Stop Loss
ADHMET
Rs 100.20
105.25
107.25
97.20
Date: 09/12/09
Adhunik Metaliks (AML) is an integrated steel and merchant mining company, which has mining reserves of 90 million tonne (MT) in iron ore and 50 MT in manganese ore. The company operates a 4 lakh tonne steel plant and has recently obtained approval for mining iron ore for captive purposes from its captive mine for the steel plant. This is expected to lead to approximate annual savings of ~Rs 25 crore.
The company is also foraying into merchant power generation (initial capacity of 540 MW) through its subsidiary, APNRL and is currently close to finalising the deal on divesting its equity stake in the power venture. Overall, we expect significant value addition to accrue in AML from its merchant mining and power business, going forward.
Technical view:
*
The stock has been forming a higher top and higher bottom on the weekly chart suggesting strength in it
*
During the recent correction, the stock has taken support at 90 levels, which is the previous bottom, thus forming a potential double bottom around those levels that gives a target of 113
*
The stock is currently trading above the 20 days SMA, which is at 98 levels and has acted as a strong support at every correction
Happy Trading,
United we grow!!!
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