Business Daily from THE HINDU group of publications
Tuesday, Jun 30, 2009
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Business Daily from THE HINDU group of publications Tuesday, Jun 30, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Technical Analysis Markets - Recommendation 
Initiate fresh long-position only if DLF surpasses Rs 350, with tight stop-loss. ICICI Bank is testing significant resistance at Rs 750. Fresh long position can be initiated if the stock moves above Rs 760, with stiff stop-loss. We notice formation of bearish harami candlestick pattern in Infosys, signalling bearishness. Initiate fresh short-position if the counter tumbles below Rs 1770, with close stop. As long as L&T trades above Rs 1585 and Rel Cap trades above Rs 944, the outlook remains positive. We recommend a buy in these counters with tight stop. Desist trading in ONGC and SBI for the day. We recommend a sell in Rel Com. Initiate fresh long-position only if RIL exceeds Rs 2115, with stiff stop-loss. Nifty future was choppy in the last trading session and formed doji candlestick pattern, signalling neutral stance. The near-term stance is watchful. Yoganand D. BL Research Bureau 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 day only; LTP - Last traded price (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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