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ISPAT : What the Charts say?

This article was posted on Oct 25, 2009 and is filed under Stock Research

Ispat has been one of the slowest moving stocks in the past 3 months, the stock remained in the range of 21-24 levels. In 2007 the stock showed the same story. It remained flattish throughout the year in the range of 16-20, but once it managed to cross 20 levels it headed towards 80 odd levels.

The 20 DMA of the Stock stands at 23.5, the 50 DMA is 22.98 and the 100 DMA is 22.65. This shows that the stock faces strong strong resistance at current levels of 24-26 levels. Once the stock gives a close above 26 with good volumes it can easily head to to 40+ levels within a matter of few days.

The RSI(14 D) for the stock is at 34 indicating that the stock is oversold region, the ROI is at 0.8 levels.

Ispat is a large cap company having a market cap of 2,842 cr’s. Ispat Industries Limited (IIL) is India’s major private sector producer of hot rolled coils and steel manufacturer.

It is one of the stocks that should be tracked for a breakout above 26 on closing basis.

To view the Chart of Ispat Industries visit: http://nseguide.com/charts.php?name=ISPATIND

Please note that this is not a stock recommendation, its just to bring you aware of a possible breakout Techncially

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