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MARKET WATCH: Automotive Axles (Rs 150.9): Buy.

Business Line

| June 30, 2009 | COPYRIGHT 1999 Kasturi & Sons Ltd. (Hide copyright information)Copyright

from BUSINESS LINE, June 30, 2009 We recommend a buy in Automotive Axles from a short-term perspective. It is apparent from the charts of Automotive Axles that after recording a multi-year low of Rs 70 in early March, the stock reversed its trend. Since then, the stock has been on an intermediate-term uptrend. Following a minor correction to the support level Rs 130, it resumed the uptrend. On June 22, the stock gained 6 per cent, reinforcing the bullish momentum. Further the stock surged almost 6 per cent, accompanied with above average volume on June 29. …

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