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STERLITE INDUSTRIES

Wednesday, September 16, 2009 11:57 am
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TECHNICAL REPORT ON STERLITE INDUSTRIES

PRICE  INFORMATION

ALL TIME HIGH- 2939.80 ALL TIME LOW-165.10
52 WEEK HIGH -785.00 52 WEEK LOW-165.10
RECOMMENDATION PRICE TARGET
BUY 825, 1,000

INTRADAY CHART

STER-intraday-16-9-2009

DAILY CHART

STER-daily-16-9-2009

WEEKLY CHART

STER-weekly-16-9-2009

TECHNICAL INTERPRETATION AND RECOMMENDATION- As the daily chart suggests that after a long consolidation of 3-4 months the price of Sterlite has given a breakout on the upside. The period from June 2009 to September 2009 has acted as an accumulation rectangle /”Dow Accumulation Line”. On 7th of September the price gave a breakout on the upside accompanied by the huge volumes (almost 4times of previous few days).As a throwback the price came back to touch the upper boundary of the rectangle on 14th of sep. And again rose from there. Also the weekly chart shows the upside movement started in the last week on the back of huge volumes. All in all we recommend a Buy on Sterlite industries for a price target of Rs. 825 in 1 month and Rs. 1000 in 3 months time frame.

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