Business Daily from THE HINDU group of publications
Wednesday, Jul 16, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Wednesday, Jul 16, 2008 ePaper | Mobile/PDA Version | Audio |
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Technical Analysis Markets - Recommendation 
ICICI Bank After moving around the Rs 600 level for a week, the stock formed a pennant pattern. On Tuesday, it conclusively broke out of this pattern by declining more than 8 per cent, with heavy volume. We maintain our sell recommendation. Infosys Fresh short-position can be initiated, if the stock declines below Rs 1,510. L&T The near-term outlook for the stock is bearish. We recommend a sell. ONGC The stock is consolidating sideways. Desist trading in this counter for the session. Reliance Capital The stock is pausing around Rs 1,000. However, fresh short-position can be initiated, only if the stock declines below Rs 970 level, with a tight stop loss. Reliance Communications Following a cautious outlook, the stock fell in the last trading session, indicating bearishness. We recommend a sell. Reliance Industries Sell the stock in rallies with tight stop-loss at Rs 2,000. Satyam Computer We retain our sell recommendation in this counter. SBI Negating our prior view, the stock dropped on Tuesday, closing below the 21-day moving average. We recommend a sell. TCS We reiterate our sell recommendation. Yoganand DMore Stories on : Technical Analysis | Recommendation
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