Technical Analysis – Punj Lloyd
The stock advanced 12 per cent last week, accompanied with good volume. From significant resistance level of Rs 300 encountered in October 2009, Punj Lloyd has been on an intermediate-term downtrend. However, recording a 52-week low of Rs 104 on August 31, the stock began to rally. As long as the stock trades below the long-term key resistance level of Rs 150, the downtrend remains in place and can decline to Rs 120 or Rs 110. A strong weekly close above Rs 150 will lift the stock higher to Rs 170 or Rs 190 in the medium-term.
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