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Viewing report
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Alpha India LE - Tisco and Dr Reddy
Orpheus Capitals, May 2011, Pages: 7
Tisco and Dr Reddy
Today we continue the analysis of our top Late Economic shorts with Tisco and Dr Reddy. We compared the performances and Jiseki cycles of the two stocks with their sector index (Tisco with BSE Metals and Dr Reddy with BSE Healthcare, respectively). In both cases, the relative Jiseki suggests that the stocks have been outperforming their sector on a multi-month time frame till now. The relative performance structures, however, started showing signs of a reversal in performance. The Tisco – BSE Metals relative performance structure is a valid head and shoulders reversal (slide 3), while the Dr Reddy – BSE Healthcare relative performance looks ready to break the primary trend channel supports (slide 5). The market bias remains negative as NIFTY made a potential corrective triangle on the subminor structure and we expect 5,435-5,440 resistances to hold. The alternate view, however, suggests an ongoing a-b-c correction up which could extend higher till 5,460 levels.
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