Business Daily from THE HINDU group of publications
Friday, Oct 19, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Friday, Oct 19, 2007 ePaper | Mobile/PDA Version |
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Technical Analysis Markets - Recommendation 
ICICI Bank On Thursday, the stock tumbled almost 7 per cent, accompanied with heavy volumes. Sell the stock when it moves below Rs 1,015. Infosys Buy the stock in dips with stop loss at Rs 1,865. L&T The short-term outlook for the stock is bearish. We recommend a sell. ONGC The stock has formed a bearish engulfing candlestick pattern, which is a bearish pattern. We reiterate our sell recommendation. Reliance Capital Sell the stock only when it breaches the key support level of Rs 1,600. Reliance Communications In line with our anticipation, the stock declined in the last session accompanied with good volumes. The shortterm perspective for the stock is negative. We continue with our sell recommendation. Reliance Industries After recording a life high of Rs 2,805, the stock fell in the last session. We note that the daily momentum is displaying a prolonged bearish divergence. Sell the stock with a stop loss at Rs 2,604. Satyam Computer The stock has been gradually rallying for the past four sessions. It is gaining momentum. Buy the stock when it dips with a stop loss at Rs 455. SBI The stock tumbled 8 per cent on Thursday, which was in line with our anticipation. However, we see that the stock is hovering just above a key support level. We recommend a buy with a stop loss at Rs 1,645. TCS The stock is facing resistance at Rs 1,129. The short-term outlook for the stock is bullish. We recommend a buy only when the stock moves above Rs 1,129. Yoganand D. The analysis and opinion expressed in these columns 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.More Stories on : Technical Analysis | Recommendation
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