The Hindu Business Line : Day Trading Guide

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 the next trading day only; LTP - Last traded price

We reaffirm our sell recommendation in DLF, L&T and Reliance Capital. The outlook is bearish for these stocks. Initiate fresh short-position if ICICI Bank tumbles below Rs 375 and ONGC declines below Rs 640, with tight stop-loss. We notice formation of doji candlestick pattern in Infosys, signalling neutral stance. Desist trading in this counter. As long as RIL trades above Rs 1,278, the outlook remains positive. We recommend a buy with tight stop-loss at Rs 1,278. Utilise rallies to sell TCS with stiff stop-loss at Rs 510. Reliance Communications and SBI are moving sideway, avoid trading in this counter.

Yoganand D.

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

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page