Don’t follow Pink Paper Mechanically

Some of us trust Pink Papers like The Economic Times blindly and follow stock recommendations published in it. But it may not be a prudent decision for more than one reasons. For example, The Economic Times has published the following recommendation on HDIL.

Recommendation: Buy
Last Close: Rs 366
Target: Rs334
Stop Loss: Rs380
After taking support at Rs 288, HDIL bounced back sharply and made a high of Rs 380 on Thursday but closed weak. On the daily chart, the stock has made a ‘dark cloud cover’ pattern and stochastic oscillator has given a sell.

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