Business Daily from THE HINDU group of publications
Tuesday, Jul 08, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Tuesday, Jul 08, 2008 ePaper | Mobile/PDA Version | Audio |
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Technical Analysis Markets - Recommendation 
In the last trading session, the stock lost its intra-day gains, experiencing selling pressure. Fresh short-position can be initiated only if the stock declines below Rs 589, with tight stop. Infosys Initiate fresh long-position if the stock surpasses Rs 1,820 level, with stiff stop-loss. L&T Utilise rallies to sell the stock with stop at Rs 2,436. ONGC The near-term outlook for the stock is cautious. Desist trading in this stock for the session. Reliance Capital Buy the stock in dips with stop-loss at Rs 1,005. Reliance Communications On Monday, the stock declined forming a dark cloud candlestick pattern, which indicates bearish. We recommend a sell in this counter. Reliance Industries Fresh short-position can be initiated if the stock declines below Rs 2,000 with tight stop-loss. Satyam Computer The stock surged 4 per cent conclusively penetrating the 21-day moving average in the last trading session. We re-affirm our buy recommendation for the session. SBI We recommend a buy. TCS The stock is consolidating sideways and has formed a spinning top candlestick pattern that indicates indecisiveness. Avoid trading in this counter for the day. (Note: In a buy recommendation, the resistances would be the targets and the nearest support would be the stop loss; In a sell recommendation, the supports would be the targets and the nearest resistance would be the stop loss; The recommendation would be valid for today's trading only.) 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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