TRACKING TECHNICALS - MTT BUY CALL ON THERMAX:: Anand Rathi

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TRACKING TECHNICALS - MTT BUY CALL ON THERMAX

SCRIP NAME : THERMAX                                      SECTOR :     ENGINEERING                                        Date : 2^ndNovember , 2012

CURRENT TREND : BULLISH                 Time Horizon :  0-6 Months       Buy in the Range of  Rs.560-Rs.595      Stop loss :Rs.520  (ON CLOSING BASIS )

TARGET: Rs.720

THERMAX-Rs.587 : THERMAX has been moving within a rising channel ,making regular higher highs and higher low cycles on a weekly basis and has also made a Pole & Pennant formation which is very positive for the stock in the medium term. THERMAX is trading above all major averages 200DMA Rs.492, 100DMA Rs.514, 50DMA Rs.539 and has been sustaining above its 200 Weekly Moving Average Rs.546 for 7 weeks ,which becomes a important level for the stock. We recommend buying  the stock between Rs.560-Rs.595 levels, for a medium term target of Rs.720 with a closing stop loss of Rs.520.

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