http://www.thehindubusinessline.com/iw/2010/06/06/stories/2010060650070700.htm
*Sizzling Stocks: Reliance Media World (Rs 61.7) * ** ** ** ** ** ** ** Investors tuned in to Reliance Media World as the buzz that the company was forming a joint venture with US based CBS Corp to launch television channels circulated in the market. The stock gained over 25 per cent from the previous week's close and ended the week on a very strong note. This stock had been declining incessantly since December 2009. This fall halted at the low of Rs 45 after the stock had halved in price from the opening level of 2010. The sharp up-move witnessed last week has helped the stock move above the medium term down trend line as well as its 50-day moving average suggesting a change in the medium-term outlook. Immediate resistance for the stock is in the band between Rs 67 and Rs 70. Investors with short to medium-term outlook can book some profit at this level. If this level is surpassed next target is Rs 85. Short-term supports are at Rs 55 and Rs 52. *Idea Cellular (Rs 55.9)* Idea Cellular enthralled market participants last week as it raced higher from Rs 50 to the intra-week peak of Rs 57.9. Rumour of a stake sale by its promoters was the ostensible reason behind this surge. The stock faces strong resistance around Rs 56 in the near term. Inability to close strongly above this level will imply that it can decline to Rs 52 or even Rs 48 in the days ahead. The medium term view will turn positive only on a close above Rs 62 paving the way for an extension of the up-move to Rs 70. Key long-term resistance for the stock exists at Rs 82. — Lokeshwarri S.K. -- You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en.
