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Drumbeat: Ad Buzzaar
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Wednesday, August 26, 1998
Esab India: A good buy
Deepak Singh Tanwar
In June, Esab India broke the long-term channel on bourses. The channel was the outcome of a bull-run which lasted from January 1996 to April 1998. During this period, the stock soared from Rs 50 to Rs 166. After the peneteration of this channel, the stock had touched a low of Rs 64 in the last week of June.However, since then, the position of the stock has improved steadily and it managed to post higher bottoms. In fact, the formation of higher bottom was supported by a smart jump volumes. The position of the oscillators has also improved. The 21-day RSI has posted successive higher bottom. The MACD is above the triggerline and hints at a bullish outlook. The stock faces a resistance in the range of Rs 105-108. As such, long position can be taken for 10-15 per cent returns in the coming weeks. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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