SASKEN COMM

SASKEN COMM. Buy Rs 158.40
1st Target: Rs 191 2nd Target: Rs 212 Stoploss: Rs 144
Sasken Comm. peaked by posting an intra-day high of Rs 386.95 on 07.04.06, but couldn't sustain these levels for long and finally declined to bottom out by posting an intra-day low of Rs 240.15 on 14.06.06 where strong support prevented further downside. The scrip finally posted an intra-day low of Rs 251.35 on 24.07.06 and these levels have not been seen since. Sasken Comm. commenced a medium term uptrend from here (this time around there wasn't enough clarity on the long term front), struggled but eventually overcame the 55-day EMA, posted a series of progressively higher tops and bottoms, started moving within the confines of an upward sloping channel, almost gave a throwover from this channel and finally peaked by posting an intra-day high of Rs 594 on 08.01.07. The scrip almost gave a downward key reversal from here, couldn't sustain these levels for long, entered a corrective downmove, declined to post an intra-day low of Rs 86.65 on 19.03.08, recovered sharply from here, posted a smart but slightly unsustainable upmove to post a high of Rs 193.90 on 21.04.08. Currently, Sasken Comm. is in process of starting a short-term uptrend, while it seems to have exhausted its weekly correction (has just about overcome the 55-day EMA) and with the mechanical indicators looking positive, a further upside from these levels cannot be ruled out.