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Sell Cairn India; buy NESCO: GEPL Capital

According to GEPL Capital research report dated September 25, 2012, traders can sell Cairn India with stoploss of Rs 355 for a possible target of 300 and buy NESCO at current level with a stoploss of Rs 630 for a target of Rs 830.

September 26, 2012 / 11:52 AM IST
 
 
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According to GEPL Capital research report dated September 25, 2012, traders can sell Cairn India with stoploss of Rs 355 for a possible target of 300 and buy NESCO at current level with a stoploss of Rs 630 for a target of Rs 830.


Cairn India


The stock has corrected sharply after a gap down opening and volumes have been very high on this decline. It is now near an important trend line support at 332. However the recent advance since 300 till the high of 367 looks like a countertrend move to the entire decline from 401 till 296 that was witnessed earlier. It is highly likely that the stock may breach the level of 300 and even plunge lower as the momentum oscillators too are aligned on the sell side.


NESCO


Nesco is at the verge of a break out of an important resistance of 695 which is its earlier swing high on closing basis. The stock has consolidated above its 200 Day EMA for many weeks now and appears poised for a break out which can take it higher till 830 and beyond. The Weekly RSI is strongly indicating further upsides in days to come. We recommend a buy at present levels with a stop loss of 630.


Public holding more than 90% in Indian cos


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To read the full report click on the attachment

first published: Sep 26, 2012 09:04 am

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