Stock of the Day – Just Dial

After months of nearly continuous upswing, Just Dial has just seen the first serious bout of profit booking / reaction or whatever term that is used for such reactions these days. As the chart below shows, the stock tested its lower trend-line support and while it can be seen as a support, bigger support arises in the range of 1040 – 1090. Since the fall has not been accompanied by rising volumes, at the moment we can discount the possibility of this being a distribution.

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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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