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ICICI Bank

The stock recovered over 6 per cent from its intra day low on Monday. The recent decline has also retraced 50 per cent of the prior uptrend (an important Fibonacci level) and bounced up. We recommend a buy.

The stock conclusively breached the support level at Rs 1,700 in the last session. We recommend a sell.

L&T is halting above the key support at Rs 4,000. However, fresh long should be initiated only when the stock moves above Rs 4,250.

ONGC penetrated the short-term uptrend line and the 21-day moving average in the last trading session. We retain our sell recommendation.

Reliance Capital is moving sideways between Rs 1,800 and Rs 2,200. Do not trade in the stock while it is moving in this band.

We recommend a buy in RCom.

Currently, the stock is testing the short-term uptrend line and is just above the 21-day moving average. RIL is losing its bullish momentum. Fresh short position can be initiated when the stock declines below Rs 2,606.

Sell the stock in rallies with stop at Rs 420.

SBI reversed from key support level on Monday. We recommend a buy.

We reiterate our sell recommendation.

Yoganand D.

BL Research Bureau

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