The Hindu Business Line : Day Trading Guide

Initiate fresh short-position if DLF fails to surpass Rs 345, with tight stop-loss. In the last trading session, ICICI Bank was volatile and formed doji candlestick signaling neutral stance. Moreover it is still consolidating sideways, avoid trading in this counter. Fresh long position can be initiated only if Infosys moves above Rs 1,815, with stiff stop-loss. Initiate fresh short-position if L&T tumbles below Rs 1,535 and Reliance Capital dives below Rs 910, with tight stop-loss. Negating our prior view, ONGC rallied in the last trading session. The outlook stays positive as long as it trades above Rs 1,100. We recommend a buy. We reiterate our sell recommendation in Reliance Communications. Fresh short-position can be initiated if SBI slips below Rs 1,735, with firm stop-loss. The near-term stance is bearish for RIL. We recommend a sell. Fresh short-position can be initiated if Nifty future declines below Rs 4,299, with tight stop.

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)

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