After touching a high of 385.50 on November 20, 2007 it fell to a low of 170.05 on January 22. The stock has already broken the medium term support at 179.70. However, a technical is rally is likely to occur soon. See the daily chart below.
The stock has been moving in a narrow range since January 23. A “three inside up” candlestick pattern has been formed on February 5. Watch the abnormal volumes on January 31. In all probability, this stock has bottmed out. It is also oversold in medium term charts. Technical target for the stock works out to 304 (61.8% retracement level).
Escorts:
Unlike Birla Corporation, this stock has not broken the medium support at 72.15 yet. After making a high of 189 on November 28 it was thrashed to a low of 75.55 on January 22. Now it is moving in a consolidation pattern. After a heavy sell off on January 31, the stock has gained substantially with reasonable volumes. Once this consolidation pattern is broken on the upper side (a close above 102) one can expect the stock to hit 138.70.
KPR Mill:
On January 17, the stock closed at 173.85 while on January 22 it’s closing price was 118.05. It was also moving in consolidation. On February 5, a “three inside up candlestick pattern has been formed. The candlestick reversal patterns are often formed at support levels after some consolidation. The technical targets for the stock are 165 and 180. It is worth mentioning that medium term support is still intact.