Business Daily from THE HINDU group of publications
Wednesday, Aug 20, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Wednesday, Aug 20, 2008 ePaper | Mobile/PDA Version | Audio |
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Technical Analysis Markets - Recommendation 
ICICI Bank Utilise rallies to sell the stock with stop loss at Rs 701. Infosys The stock was choppy in the last trading session and it formed a spinning top candlestick pattern, which indicates indecisiveness. Avoid trading in this counter for the session. L&T Fresh short-position can be initiated if the stock declines below Rs 2,640, with stiff stop-loss. ONGC The outlook remains positive as long as the stock trades above the Rs 1,050 level. We reaffirm our buy recommendation. Reliance Capital In line with our expectation, the stock declined in the last trading session. We retain our sell recommendation in this counter. Reliance Communications We reiterate our sell recommendation. Reliance Industries We maintain our prior recommendation of initiating fresh short-position if the stock falls below Rs 2,200 level, with tight stop-loss. Satyam Computer Negating our view, the stock declined in the previous trading session. Initiate fresh short-position when the counter decline below Rs 398, with close stop-loss. SBI We recommend a sell in this stock. TCS The stock is in a sideways consolidation mode. Desist trading in this stock 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) Yoganand D.BL Research Bureau More Stories on : Technical Analysis | Recommendation
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