Bhagwati Banquets- Market Price Rs-68

Target Price - 125- 130

Period - 4 Months

Bhagwati Banquets and Hotels is currently in the last phase of an ascending triangle formation. The beginning of this pattern can be traced back to late July! early August 2007 when the stock had hit Rs30. From there, it steadily rose to readi Rs89.05 in the week ended 7 December 2007.

The scrip fell immediately thereafter and tried to stage a recovery hitting Rs88.35 in the week ended 28 December 2007. This attempt failed and the stock fell to RsS 9.45 in the week ended 25 January 2008. After moving sideways for a while between Rs73 and Rs58, it recovered and rose to Rs87 levels in the week ended 16 May 2008. In the current market fall, the scrip has declined and is now around Rs69. The stock has recovered on the daily charts and is now currently turning upwards. We expect it to rise and complete the ascending triangle pattern for which the target is Rs125-Rs130 in about four months. Anirban Banerjee (The author invites your comments.

Tags: BSE