STERLITE - Light ahead

The Nifty is poised at the crucial break out juncture after remaining in the range of 3300 and 3500 for the past few days... Technically, this is the 'rest' the prices required after the runup to 3500 - more popularly known as 'correction'!!!

Recent price movement on the MCX suggest that there is renewed and heavy buying in metals - Copper, Zinc, Lead etc... this prompted me to re-check the technicals of 'metal' companies like Sterlite ....

STERLITE is currently consolidating at its 200 DMA and a break out of the current consolidation should give the next up move to the immediate target of Rs 470 and then a more optimistic and likely target of Rs 540- 550.



On break above Rs 420 keep a stop near Rs 370.

Looking ahead of a vibrant week . . . .

Happy Trading !!

CA Rajiv D Khatlawala
Head of Research & Training
JHAVERI Securities Ltd.