Phoenix lamps has been performing quite well. The lst quarter saw an increase of about 50% increase in net profit compared to the previous quarter and almost 100% increase compared to the corresponding period last year.
Recently in October HDFC mutual funds purchased 97000 shares of Phoenix lamps. Recently FII Home maker fund bought about a lakh shares of phoenix.
Technically the trend is bullish. Yesterday the share jumped about 4% with huge volume. But Today the share dropped almost 5%. A little correction may be on the cards before it resumes the uptrend. Definitely a HOLD.
It is still positive on the charts. Ofcourse the prices are stalling currently. It is in the oversold region. Volume has dropped. The next few sessions will give a more clearer indications. I would give it more chance. I would put 87 as safer stoploss. (7% stoploss is quite acceptable). 89 may be too tight.
You are welcome, Bhuwan. Yes it is gaining now. It consolidated a little and moving up. Today we saw increased volume. expected to close higher then 96.2. I can see the momentum turning positive. Hopefully we should see three digit figures next week.