Financial Daily from THE HINDU group of publications
Sunday, Nov 02, 2003
Financial Daily from THE HINDU group of publications Sunday, Nov 02, 2003 |
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Investment World
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Technical Analysis Markets - Technical Analysis Divergent trend in key stocks B. Krishnakumar
ITC (Rs 866.8): The stock was confined to a narrow trading range. The market does not appear too enthused by the quarterly performance of the company if the price action in the past few days is any indication. The near-term trend depends on the price movement in the next few days. A close above Rs 890 could impart short-term strength while a close below Rs 835 would impart weakness. Remain invested with a stop loss at Rs 835. A trailing stop loss could be employed on price upmoves. HLL (Rs 174.35): The share price moved in line with last week's observation. The stock ruled weak and also dropped to the target zone of Rs 170-172 that was mentioned last week. The near-term outlook remains bearish and a close below Rs 171 could pave the way for a slide to the Rs 152-155 band. Only a close above Rs 200 would reinstate a positive trend. Remain invested with a stop loss at Rs 170 while a trailing stop loss could be used if the price moves up. Infosys (Rs 4,738.7): The stock is yet to break above the crucial resistance level of Rs 4,950. Though the near-term trend appears positive, only a close above Rs 5,000 would push the scrip into a bull orbit. Existing holders could have a stop loss at Rs 4,420. A close above Rs 5,000 could be used to take long positions with a close stop loss in place. Satyam Computer (Rs 306.3): In sync with last week's expectation, the stock managed to move to the target zone of Rs 310-315. The near-term trend remains positive. A move to the Rs 335-340 range appears likely. A close above Rs 340 could push the stock to the next target zone of Rs 375-380. Remain invested with a stop loss at Rs 275. Reliance Ind (Rs 486.3): After a sharp slide on Monday, the stock staged a recovery in the last four days of the week. Positive developments in the telecom business appears to have imparted bullishness in the stock. The near-term outlook remains positive. A close above Rs 500 would confirm the positive outlook. Remain invested with a stop loss at Rs 460.
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