Date:24/10/2004 URL: http://www.thehindubusinessline.com/bline/iw/2004/10/24/stories/2004102401000700.htm

Back Focus of the week

B. Krishnakumar

Chennai Petroleum (Rs 215.9): The stock appears to be headed towards the Rs 235-240 range in the near term. A drop below Rs 193 would negate the positive outlook. Shareholders may remain invested with a stop-loss at Rs 193. Fresh buying may also be considered on a move past Rs 220, with a stop-loss at Rs 200.

Andhra Sugar (Rs 97.3): The near-term outlook is positive. The stock could move to the Rs 115-120 range. Stop-loss for existing long positions may be placed at Rs 89. A move past Rs 100 may be used to take fresh exposures with a stop-loss at Rs 90.

Follow-up

ABB (Rs 763.5): Contrary to expectations, the stock ruled firm. It appears that the long-term uptrend is in force. As observed last week, the long-term trend is bullish and price weakness may be used to take exposures. The immediate target is Rs 1,000. This view would be valid as long as the stock trades above Rs 690. A drop below Rs 690 would result in a slide to the Rs 575-600 range.

Century Enka (Rs 146): Though the price was stuck in a narrow range, the trend has not negated the view of a move to the Rs 170-175 range. Hold with a stop-loss at Rs 136. Price dips may be used to take exposures with a stop-loss at Rs 136.