Grindwell Norton 1st Target Achieved

Grindwell Norton has achieved our first target of 240 as set earlier and has made us quick returns. We entered at around 220 so at 240, its a neat 9% return in just one day!  You could have either offloaded all stock or a part of it and held on to the remaining part.

Our stop is around 204.  We'll have to see what tomorrow brings.

Chart source: in.reuters.com

Airtel continues to remain below its 4 month price support line and price channel for the 3rd consecutive day. Today, it has also breached the Fibonacci level of Rs. 334.40 as it made an intraday low of Rs. 336.35.

But the stock has risen since that low and created a bullish engulfing candlestick pattern.  The stock is showing undersold levels as well.  

So it might rise again tomorrow and try to get back into the price channel.  Let's wait and watch.  If the stock fails to make it back into the price channel inspite of efforts, its time to prepare to book profits.

Chart sources: in.reuters.com, www.moneycontrol.com