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DLF has been consolidating sideways since mid of April. Fresh long position can be initiated only if the stock surpasses Rs 260, with tight stop-loss. Utilise rallies to short ICICI Bank and SBI while maintaining tight stop-loss at Rs 549 and Rs 1,288 respectively. Buy Infosys stock in dips with tight stop at Rs 1,542. L&T has formed a spinning top candlestick pattern, indicating indecisiveness. Desist trading in this counter for the session. We reiterate our sell recommendation in ONGC and Reliance Communications. The near-term outlook is cautious for Reliance Capital and RIL. Avoid trading in these two stocks. The near-term stance remains positive as long as Nifty Futures trades above 3550 level. We recommend a buy with firm stop-loss at 3550.

Yoganand D.

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