Technical QUERY CORNER -Opto Circuits, MCX, Rashtriya Chemicals, HDFC, Glenmark, Page Industries ::Business Line

I am a long-term investor, holding shares of Opto Circuits at Rs 250 and Multi Commodity Exchange of India (MCX) at Rs 1,280. Kindly advise the prospects and future growth of these shares.

V.Rajaiah

Opto Circuits India (Rs 154.4): The stock peaked out around your buy price at Rs 252 in September 2010. Since then, it has been on a long-term downtrend. In February 2012, the stock encountered resistance around Rs 220 and continued its long-term downtrend.

Medium-term trend is down for the stock since this February. As long as the stock trades above the key long-term support band between Rs 140 and Rs 150, long-term investors can hold the stock with stop at Rs 140. A fall below this band will reinforce the bearish momentum and pull the stock down to Rs 120 and then to Rs 100 in the forthcoming months.

An upward reversal from the aforesaid support range will lift the stock higher to Rs 175 levels and then to Rs 190. Only a strong rally above the Rs 210 and Rs 220 zone will alter the stock's downtrend and take it higher to Rs 260 in the long-term.

Sizzling Stocks: Hindustan Copper; RCF :: Business Line

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Hindustan Copper (Rs 291.7)

Hindustan Copper skyrocketed 56 per cent accompanied by extraordinary volume in the previous week. While trending higher, the stock emphatically broke through its key resistance at Rs 250 and also its 200-day moving average. Moreover, in the last week, the stock has conclusively penetrated its long-term down trend-line that was in place since its January 2010 peak of Rs 656. Strong move above Rs 300 will take the stock higher to Rs 350 or to Rs 400 in the medium-term.

Nevertheless, it currently faces resistance at Rs 300. The stock's daily indicators and oscillator have reached over brought levels, signalling that the stock can witness a corrective decline to Rs 270 or Rs 250 the near-term. Next support for the stock is at Rs 200.

RCF (Rs 65.5)

Rashtriya Chemicals and Fertilizers zoomed almost 42 per cent in the previous week, backed with heavy volume. The stock has been trending higher from its 52-week low of Rs 42 registered on December 20. However, it is facing significant long-term resistance in the band between Rs 70 and Rs 73. An emphatic jump above this resistance will alter the trend upwards and pave the way for the stock to rally to Rs 80 and to Rs 88 levels in the medium-term.

Inability to exceed the above mentioned resistance band will drag the stock down to Rs 61 and then to Rs 55. Next key support below Rs 55 is at Rs 50.

RASHTRIYA CHEMICALS AND FERTILISERS Q3FY2011Update : PINC

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Rashtriya Chemicals & Fertilisers’ (RCF) Q3FY11 net sales
declined by 4.5% YoY to Rs15.3bn due to lower trading volumes.
OPM remained flat at 7.2%, however, higher depreciation
charges resulted in net profit to decline by 12.1% to Rs684mn inline
with expectation (PINCe Rs660mn).