Thermax can test Rs 690: Akshata Deshmukh

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Thermax can test Rs 690: Akshata Deshmukh

Thermax can test Rs 690, says Akshata Deshmukh, Sr Research Analyst, Network Stock Broking.

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Excerpts from Midcap Radar on CNBC-TV18 Watch the full show » ALSO READ See previous views by Akshata Deshmukh See what other Experts & Brokerages are saying about Thermax See messages about Thermax Thermax BSE | NSE 10/02/12 Are Mutual Funds betting on Thermax?

Thermax can test Rs 690, says Akshata Deshmukh , Sr Research Analyst, Networth Stock Broking.

Deshmukh told CNBC-TV18, "Thermax has maintained an ascending scallops pattern on the long term charts and the pattern had begin right from March 2009 and we have seen it extending even now, so the recent base of Rs 588 would be a very strong support level for this stock and the way it has given a breakout above the October high of around Rs 600 to Rs 610 my sense is that this stock is likely to test around Rs 690 levels in the near term. Even if you look at the recent delivery marking it has been way above average almost three times as much as at any averages. So I think this stock is still in a positive territory and another 8-10% move from here on is likely."

Disclosure: I do not own any of the above stock but we do have recommendation as a broking house to clients.