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The near-term outlook is bearish for DLF. We recommend a sell. Initiate fresh short-position if ICICI Bank dives below Rs 640 and SBI tumbles below Rs 1555, with tight stop-loss. Infosys is testing key support at Rs 1700. Fresh short-position can be initiated only if the stock breaches Rs 1685, with stiff stop-loss. L&T is testing key support at Rs 1400. Fresh short-position can be initiated only if the counter slips below Rs 1382, with close stop. Utilise rallies to sell ONGC with tight stop at Rs 1025. We re-affirm our sell recommendation in Reliance Capital and Reliance Communications. Fresh short-position can be initiated if RIL breaks through Rs 1800, with tight stop. We recommend a sell in Nifty future.

Yoganand D.

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