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Saturday, May 12, 2012
Lanco Infratech Ltd: Are we looking for a Trend Reversal??!!
After a series of good news in the counter, it seems the stock is slowly coming out of the bear grips. Today it shot upto around Rs.12.35, intra-day after opening at the days high. At the late hours it was trading above Rs.12.20 most of time before cooling down a bit.
But today we saw a rare combination of bullish inverted hammer formation followed by bullish hammer formation (the colour of candle stick does not matter much, though white candle is more bullish) on the CANDLE STICK CHARTS.
According to experts in this field, normally such rare combinations add to the bullishness of the trend; which means taken together, they could be giving out, even more bullish signal on the charts. Such candles generally occur at the end of a downtrend or when the bears, slowly starts to exit from the stock, fearing a sudden bull onslaught. Today, it suddenly started to move up after bad IIP numbers, as now the talks of further cutting of interest rate by the RBI has become even more shriller.
The inflation is below 7%, though a tad higher than the RBI's self proclaimed "Comfort Zone" of 5% (no idea how they have calculated this comfort zone in a growing economy, with infrastructure bottlenecks and government doing virtually nothing to punish the hoarders).
Also, this mediocre RBI team lacks the sharpest of the sills to manage an economy like India--so let us not discuss about their "Comfort Zone", till they reach that level of excellence....!!
But then last time, we saw some fire-works from the governor, Dr.Duvvuri Subbarao, when he took hear-on all those mindless criticism, from the media and ivory tower experts, and cut the interest rate by 50 bps--a thing to be appreciated!!