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ICICI BANK

The stock has formed a bearish engulfing pattern, which indicates an impending down-move. It is also struggling to surpass the key resistance at Rs 932. Sell on a fall below Rs 890.

IDBI After making an all-time high of Rs 140.75 on Tuesday, the stock declined to Rs 137. We recommend a sell when the stock reverses from Rs 140.

IFCI

The outlook of IFCI is bullish. Good volumes support this up-move. We recommend a buy on IFCI.

INFOSYS

The stock resumed the medium term downtrend by registering a sharp fall in the last trading session, in line with our expectation. Sell with a stop at Rs 1,860.

L&T

The stock continues to move within a narrow range. Wait for a breakout from this range before initiating fresh trades.

ONGC

The outlook for this stock stays negative. We recommend a sell on this stock.

RELIANCE CAPITAL

The stock recorded a doji in the daily candlestick chart on Tuesday denoting indecision. Do not trade in this counter.

RELIANCE COMMUNICATIONS

The stock is struggling to overcome the resistance at Rs 550. Momentum indicators are turning weak. We change our view to sell.

RELIANCE INDUSTRIES

The stock reversed from Rs 2,000 once more. Buy only on a firm penetration of this level.

SATYAM COMPUTER

The bearish gap formed on Monday remains open. The daily momentum indicator has entered the bearish region signalling a sell.

SBI

Buy when the stock breaks through the resistance level of Rs 1,637.

TCS

As anticipated, the stock declined in the last trading session. We reiterate a sell with a stop at Rs 1,050.

Yoganand D. BL Research Bureau

Note: In a buy recommendation, the resistances would be the targets and the nearest support would be the stop loss; In a sell recommendation, the supports would be the targets and the nearest resistance would be the stop loss; The recommendation would be valid for the next trading day only; LTP - Last traded price

The analysis and opinion expressed in this column are based on the technical analysis of the past price behaviour. The stop-loss level provided with the recommendation is important. The original view would stand negated if the stop-loss level is breached. There is a risk of loss in trading

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