Business Daily from THE HINDU group of publications
Thursday, Oct 18, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Thursday, Oct 18, 2007 ePaper | Mobile/PDA Version |
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Technical Analysis Markets - Recommendation 
ICICI Bank The stock is trading near its all time high. Buy only when the stock breaches Rs 1,140. Infosys On Wednesday, the stock declined initially and found support around Rs 1,700 level. However, subsequently it recovered and rallied 7 per cent from the session’s low. We recommend a buy. L&T The stock has formed a doji candle stick, which is a neutral pattern. However, fresh long is recommended only when the stock moves above Rs 3,366. ONGC As expected in our earlier column, ONGC declined in the last session. We maintain our sell recommendation. Reliance Capital Negating our recommendation, the stock declined in the last session. We note that the daily momentum indicator is displaying bearish divergence, which portends weakening in the bullish momentum. We recommend a sell. Reliance Communications In the last session, the stock declined and formed a hanging man candlestick pattern, indicating short-term trend reversal. Moreover, the daily momentum indicator is displaying bearish divergence. Sell the stock with stop loss at Rs 747. Reliance Industries The stock is still facing resistance around Rs 2,724. Fresh long should be made only when the stock moves above this resistance level. Satyam Computer In line with our anticipation, the stock gained on Wednesday accompanied with average volumes. We reiterate our buy recommendation. SBI On Wednesday, the stock opened with a downside gap penetrating the 21-day moving average. We continue with our sell recommendation. TCS We maintain our buy recommendation in this stock. Yoganand D. BL Research Bureau More Stories on : Technical Analysis | Recommendation
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