Business Daily from THE HINDU group of publications
Friday, Jan 18, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Friday, Jan 18, 2008 ePaper | Mobile/PDA Version |
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Technical Analysis Markets - Recommendation 
ICICI Bank Contrary to our view, the stock fell in the last trading session. With this fall, the stock formed a bearish engulfing candlestick pattern. Also it penetrated the support level of Rs 1,350. We change our recommendation to sell. Infosys We re-affirm our sell recommendation in this counter. L&T The stock bounced up from the lower level of the broad sideways consolidation range of Rs 4,000 and Rs 4,400. A near-term up move is likely. We recommend a buy. ONGC The stock was more volatile in the previous session. Sell the stock in rallies with stop loss at Rs 1,274. Reliance Capital On Thursday, the stock breached the 21-day moving average line and is hovering above the support level of Rs 2,550. Fresh selling should be initiated only when the stock declines below this support level. Reliance Communications We continue with our sell recommendation. Reliance Industries Accompanied with good volumes, the stock fell on Thursday. We recommend a sell. Satyam Computer We maintain with our sell recommendation. SBI The stock is still trading sideways in a narrow band of Rs 2,400 and Rs 2,500. Desist trading in this stock for the session. TCS Our near-term outlook for the stock is bearish. Sell the stock in rallies with stop loss at Rs 940. Yoganand D.
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