Classic Diamonds was at a high of Rs136 on 11 January 2008. This was when the stock market was at an all-time high. Following the cascading market decline, this stock too collapsed and came down all the way to Rs6.15 on 6 March 2009. It recovered to Rs21 on 5th June, declined thereafter to take support at Rs13.30 on 10th July and then rose again to Rs30 on 18th September. Its decline from Rs49 (16 May 2008) to the base of Rs6.15 (6 March 2009), its rise to Rs21 (5th June), its decline to Rs13.30 (10th July) and its subsequent rise to Rs30
(18th September) can, together, be seen as approximating a rounding-bottom pattern. The logical target price, according to this pattern, is the original level from which the stock declined—that is, Rs49. This should be reached in about six months.
– Anirban Banerjee
Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
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