Friday, 7 November 2008

Book profits in Suzlon Energy at Rs 78-80: Mathew

Technical Analyst, E Mathew is of the view that one can book profits in Suzlon Energy at Rs 78-80.

Mathew told CNBC-TV18, "Suzlon Energy was one stock which had underperformed substantially and today the stock has moved passed a very important resistance zone. The fact that it is sustaining above Rs 55 and that’s very important and we are heading into resistance territory, which is Rs 78 to Rs 80, I think the stock may pause at that particular point and that was the last time from where a lot of supply had come and the immediate target would be there. People who have been lucky enough to ride the stock, I would have advised profit taking around Rs 78 to Rs 80 zone."

Disclosure: It is safe to assume that analyst and his clients may have an investment interest in the above stock/sector.

Source: Moneycontrol

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DISCLAIMER: The author is not a registered stockbroker nor a registered advisor and does not give investment advice. His comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to buy or sell a stock, option, future, bond, commodity, index or any other financial instrument at any time. While he believes his statements to be true, they always depend on the reliability of his own credible sources. The author recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction, before making any investment decisions, and that you confirm the facts on your own before making important investment commitments.