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UTV Software (Rs 741).

Business Line

| June 12, 2011 | COPYRIGHT 1999 Kasturi & Sons Ltd. (Hide copyright information)Copyright

UTV Software Communications zoomed almost 10 per cent on June 6, emphatically breaking out of a significant resistance level of Rs 680 which it was unable to break since April 7. The stock has settled with 11.4 per cent gains over the week, accompanied by extraordinary volumes. Since its February low of Rs 386, the stock has been on a medium-term uptrend. Long-term trend is also up since early 2009 trough. It is hovering well above its 21- and 50-day moving averages.

However, the stock is facing significant longer-term resistance at Rs 760. Strong move above this resistance will pave way for a rally to Rs 840 and then to Rs 920 in the intermediate-term. But inability to …

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