Buy GE Shipping; target of Rs 275: Aditya Birla Money

“GE Shipping, prices witnessed a two-way trade action holding above the support level of Rs 254 during last session. The 14-day RSI is moving flat while the MACD (12/26/9) is trending up indicating that rise from the February 2011 low of Rs 242 is still in force. Also according to the wave structure prices have formed a-b-c corrective pattern suggesting that correction for the prior rally (242-273) is one the verge of completion. A convincing break above yesterday’s high of Rs 262.75 is required to confirm the same and invite gains towards Rs 273 and higher subsequently.”

“On the downside, support is seen at Rs 254. Only a strong down move below it would prompt for a re-test of February lows negating the upside potential. Buy GE Shipping above Rs 262.80 with a target of Rs 275 and stop placed below Rs 254.80,” says Aditya Birla Money research report.

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