Stock of the Day – Sesa Sterlite

Sesa Sterlite, the company that emerged out of the merger of Sterlite into Sesa Goa has been on a bearish trend from quite some time now though it now seems to have consolidated and started to move higher.

On the daily chart below, we can see that the stock has formed an ascending triangle and though today’s breakout is now showing much promise, the next time we were to break and close above today’s high (213), we should see a strong rally on the cards with the next level of resistance coming in at around 250 levels.

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About Prashanth

Have been a full time participant in the stock markets since 1996. Run a Yahoo Group where focus is exclusively on discussions of the Indian Markets using Technical Analysis as the tool (groups.yahoo.com/group/technical-investor)
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