Asahi India (ASAIND): Structural Bull in place…. ::ICICI Securities, link

Please Share::

�� India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details ��

��

-->
• The strong upsurge in 2014 has signalled a long term reversal of fortunes
for the price structure of Asahi India Glass. The combination of faster
retracement of last major down leg (2010-13), yearly volumes scaling past
seven-year average (2 crore shares) and resultant breakout from seven
year long bullish consolidation pattern signals end of an elongated seven
year corrective phase and beginning of structural bull market
• After the multi-fold rally between 2002 and 2007 (| 9 to | 142), the stock
entered a corrective phase and oscillated between the broad range of
| 120 and | 30 levels over the last seven years from 2008 till recently. The
stock retraced its 2002-07 rally by 80% at | 35 levels and formed a Bullish
double bottom precisely at the crucial retracement support. The yearly
lows of 2008 and 2013 are placed precisely near the 80% retracement of
the major bull run
• The current rally during 2014 has seen the stock completely overhaul its
preceding decline, which consumed 11 quarters between 2010 and 2013
in just four quarters, which highlighting resumption of strong positive
momentum. In the process, the stock registered a breakout past the
neckline of the Bullish double bottom formation to signal the end of seven
years of a corrective trend and start of a fresh long term uptrend. We
expect the share price to continue its long term up trend in coming years
and head towards | 170 being measuring implication of the consolidation
range (| 100-30=70 points) as projected above 2011 peak of | 100
• The strong momentum is also visible from quarterly RSI, which has
emerged above the reading of 60 for the first time since 2008 underlining
strong momentum from a medium-term perspective
*Call has been initiated in i-Click to Gain on December 17, 2014 at 14:18 hrs

LINK
http://content.icicidirect.com/mailimages/IDirect_TechnicalOutlook_2015.pdf