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Late last year I made some good money on SAY. I happened to have got out the day (one day!) before the scandal broke. A friend was not so lucky and lost thousands in his overnight position.
Lately this stock has been on the rise again.
It is a well known company with a lot of employees and a lot of contracts. I haven't been keeping up with how many of those contracts they lost after the scandal, has anyone else been looking at this?
well overall looks like satyam has been saved. there has been reports of customer leaving etc but overall things are not that bad going by media reports.
btw satyam has been taken over by tech mahindra.
this article was published in the economic times (leading financial daily from India) on 25th June 09.
I don't dig into fundamentals too much but it appears the street was virtually pricing in bankruptcy after the scandal. The price action as of late seems to be taking bankruptcy off the table. I'd possibly look for a pullback to the 20 SMA with an oversold stochastic that begins to turn up. Then target the gap fills at 4.40 and 5.80 the perhaps the 200 SMA. I think it looks good I'd just want a bit more of a pullback. If it fails to hold the 20 SMA and makes a lower low under 2.50 which should also coincide with losing the 20 SMA then it probably wouldn't be a bad area to stop out. Just my 2 cents.
this is how it cracked when the news came in from 180 INR to 30 odd bucks when the market closed.
the first support came in at 85-90 bucks (stayed there for 5 odd minutes) after the news broke. the current rally seems to fade off at that level only. made a high of 88 and now quoting at 72.
