Strides Arcolab

Investors with medium-term perspective can consider buying Strides Arcolab stock.

The structural down trend that commenced in February 2007 at Rs 396, appears to have halted around Rs 60. The stock is in a nascent intermediate term uptrend since then that has yielded almost two-fold gains.

The stock has not succumbed to the correction witnessed in the market over the last two weeks and the recent uptrend has been backed by good volumes during the advancing weeks. It is currently holding well above its 50 and 200 day moving averages and both daily and weekly momentum indicators are showing strength.

In medium-term, Strides Arcolab stock has the potential to move up to Rs 205 where the key resistance is pegged.

Medium-term investor can buy with the stop at Rs 118. Short-term traders can buy with a target of Rs 163 and stop at Rs 139.

via BL