Business Daily from THE HINDU group of publications
Friday, May 23, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Friday, May 23, 2008 ePaper | Mobile/PDA Version | Audio |
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Technical Analysis Markets - Recommendation 
ICICI Bank On Thursday, the stock tumbled penetrating the 21-day moving average on above-average volume. We recommend a sell. Infosys In line with our expectation, the stock experienced selling pressure at higher levels around Rs 1,900 and declined forming a gravestone doji candlestick pattern in the last session. Sell the stock in rallies with stop loss at Rs 1,900. L&T Fresh short position can be initiated if the stock declines below Rs 2,890, with tight stop loss. ONGC The stock is moving sideways. Desist trading in this stock for the day. Reliance Capital The stock was choppy in the last trading session and formed a doji candlestick indicating neutral stance. Avoid initiating buy or sell position in this counter. Reliance Communications The near-term outlook for the stock is bearish. We recommend a sell. Reliance Industries The stock has formed a bearish harami candlestick pattern, which signals bearishness. Utilise rallies to sell the stock with tight stop loss at Rs 2,675. Satyam Computer In the previous trading session, the stock formed a gravestone doji candlestick. We recommend a sell. SBI The stock is hovering around a key support level of Rs 1,600. Initiate fresh short-position if the counter declines below Rs 1,582, with stiff stop loss. TCS Sell the stock in rallies with stop loss at Rs 985. Yoganand D. More Stories on : Technical Analysis | Recommendation
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