Business Daily from THE HINDU group of publications
Wednesday, Nov 07, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Wednesday, Nov 07, 2007 ePaper | Mobile/PDA Version |
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Technical Analysis Markets - Recommendation 
ICICI Bank In line with our anticipation, the stock fell on Tuesday. However, watch out for a reversal above Rs 1,210. Infosys Infosys is in a short-term downtrend. We retain our sell recommendation. L&T L&T breached the short-term support at Rs 4,200 on Tuesday. But the outlook will turn overtly negative only if the stock falls below Rs 4,000. Desist from trading in the stock for the day. ONGC Short-term forecast for the stock is bearish. Sell the stock in rallies with stop loss at Rs 1,326. Reliance Capital The stock is currently halting near the 21-day moving average and the bullish momentum is weakening. We maintain our sell recommendation with stop loss at Rs 1,874. Reliance Communications The stock broke out of its sideways range between Rs 770 and Rs 800 in the last session with a bearish engulfing candlestick pattern. Sell the stock on a move below Rs 730. Reliance Industries The stock is still trading within the range between Rs 2,600 and Rs 2,725. However, we observe selling pressure at upper level of this range. Desist trading for the session. Satyam Computer Negating our view, the stock breached the 21-day moving average and plummeted 2 per cent. However, selling is recommended only if the stock falls below Rs 445. SBI The stock is forming a flag pattern, which implies that the prior trend will continue. Buy the stock in dips with stop loss at Rs 2,175. TCS Sell the stock when it drops below Rs 1,000 level, with stop loss at Rs 1,020. Yoganand D. BL Research Bureau More Stories on : Technical Analysis | Recommendation
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