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B. Krishnakumar

What is the outlook for Wipro and Balaji Telefilms? — Rahul Gupta & Abhishek Porwal

Wipro (Rs 1451.1): The near-term outlook appears positive. A close above Rs 1510 would confirm the positive outlook and could push the stock to the target zone of Rs 1680-1700. Remain invested with a stop loss at Rs 1340. A close above Rs 1510 could be used to take fresh exposures with a close stop loss in place.

Balaji Telefilms (Rs 73.9): There appears to be limited upside potential for the stock from current price levels. Only a close above Rs 85 would blunt the bearish outlook for the stock. There is no compelling reason to buy the stock at the moment. Existing holders could remain invested with a stop loss at Rs 66. A trailing stop loss may be employed to capitalise on any price upmove.

I hold Ingersoll Rand shares purchased at Rs 300. what is outlook? — Venkatakrishnan

Ingersoll Rand (Rs 234.5): The stock has been on a major downtrend since October 7. There is still no evidence of the completion of this downtrend. On the downside, a drop to Rs 210 could result in a slide to the Rs 185-190 range. However, the long-term trend is positive and the stock could embark on an uptrend once the ongoing decline gets completed. Remain invested with a stop loss at Rs 210.

I am a long-term investor in Hero Honda and Tinplate. Please advise on the future outlook of these stocks. — Pradeep

Hero Honda (Rs 376.1): The stock is ruling close to a crucial resistance zone of Rs 400-410. A close above Rs 410 would impart positive trend and would push the stock to Rs 450-475 range. On the other hand, a drop below Rs 320 would negate the positive outlook and would push the stock into a major downtrend. Remain invested with a stop loss at Rs 350.

Tinplate (Rs 39.7): There is little downside risk in the stock from current levels. On the upside, a move to the Rs 52-55 range appears likely. A close above Rs 43 would have positive implications while a drop below Rs 34 would negate the positive outlook. Remain invested with a stop loss at Rs 34.

I am holding shares of Welspun Gujurat and IVRCL Infrastructure. Kindly suggest whether to hold or sell. — Deepak Shanbhag.

Welspun Gujarat (Rs 44.8): The share price is in a major uptrend in the long-term charts.

However, a drop to lower levels is not ruled out in the near term. A drop to the Rs 38-41 range appears likely. At the moment, only a close above Rs 50 would impart upside momentum. Remain invested with a stop loss at Rs 40.

IVRCL Infrastructure (Rs 110.9): The stock has been covered on quite a few occasions earlier. It has already moved to the earlier-mentioned target zones. The overall trend appears positive and a move to the Rs 130-135 range appears likely. Only a close below Rs 95 would be a cause of concern. Remain invested with a stop loss at Rs 95.

I am holding shares of Vijaya Bank and Indian Overseas Bank. Is there further upside potential for these stocks? Kindly suggest whether I should hold or sell. — V. Murugan

Indian Overseas Bank (Rs 28.5): The near-term outlook does not appear bullish. The share price has been on a downtrend over the past few weeks.

There is no evidence of the completion of this downtrend. A drop below Rs 26 would result in further weakness. Only a close above Rs 34 would impart some strength. Remain invested and use trailing stop loss if the stock moves up. A stop loss at Rs 26 could be placed for a portion of the stock holding.

Vijaya Bank (Rs 33.8): The recent downtrend in the stock does not appear complete. A close below Rs 31 would confirm the bearish outlook and could push the stock to lower levels of Rs 27-28. Only a close above Rs 39 would impart positive trend. Remain invested with a stop loss at Rs 31.

I bought Ucal Fuel at Rs 300. What are its prospects in view of current downtrend? — Sreekala

Ucal Fuel (Rs 260.7): Though the long-term outlook appears positive, the stock could drop to lower levels in the near term. A drop below Rs 250 would impart further bearishness and could result in a drop to the Rs 220-225 range. However, the long-term uptrend is likely to reassert itself after the completion of the present downtrend. Investors who are "in-the-money" may remain invested. Conservative investors may place a stop loss at Rs 245.

I bought shares of BEML at Rs 235 and Goodlass Nerolac Paints at Rs 390. Kindly advice the near-term outlook for these two stocks. — K. Jayachandran

BEML (Rs 219.2): The overall outlook for the stock is bullish. A detailed outlook is carried under "Focus of the week" section in this page.

Goodlass Nerolac (Rs 387.6): There appears to be some upside potential from current levels.

The stock could move to the Rs 450-470 range. Only a close below Rs 360 would negate the positive outlook. Remain invested with a stop loss at Rs 360.

I purchased Arvind Mills at Rs 56 and Sail at Rs 48.5. Shall I hold or sell? — Lalitha

Arvind Mills (Rs 54.2): The stock could move to the Rs 65-70 range in the near term. A close above Rs 60 would confirm the positive outlook. Only a drop below Rs 48 would negate the bullish outlook. Remain invested with a stop loss at Rs 48.

Sail (Rs 39.6): The long-term trend is bullish and a move to the Rs 54-56 range appears likely.

A close above Rs 45 would confirm the positive outlook. Only a drop below Rs 31 would negate the bullish outlook. Investors who are holding a profitable position could contemplate partial profit booking. Fresh exposures may be considered with a close stop loss on a move past Rs 45.

Please advise the right time to sell my holdings in ICICI Bank. Also since I am a first timer, please advise how to dispose of these shares? — Anand

The outlook for ICICI Bank is carried elsewhere on this page.

The outlook for the stock is positive and there is no reason to sell this stock in a hurry. A portion of the holding may be sold if the stock drops below Rs 208. Partial profit booking may be considered once the stock moves past Rs 300.

As far as selling the shares are concerned, you need to open an account with a share broker.

The broker will guide you about the various formalities that need to be complied with.

I purchased DCRS at Rs 38 and Birla Corp at Rs 67. Kindly advise whether to hold or accumulate more with a holding period of one year. — Eswaran Raju

DCRS (Rs 32.3): The outlook for the stock is positive and a move to the Rs 52-55 range appears likely. Considering that there is little downside risk from current levels, there is no reason to sell in a hurry.

Remain invested with a stop loss at Rs 26. A close above Rs 42 could be used to enhance exposures in the stock.

Birla Corp (Rs 62.5): The stock appears to be headed towards the Rs 100 mark. Only a drop below Rs 55 would blunt the positive outlook.

Remain invested with a stop loss at Rs 55 while a move above Rs 82 could be used to enhance exposures.

After touching your target of Rs 275, the share price of Apollo Tyres has declined recently. Will it resume the uptrend or should I exit at current level? I bought Orchid Chemicals at Rs 199.5. Should I hold or sell at current level? — R. Sundharlingum

Orchid Chemicals (Rs 169.5): The stock has been covered on quite a few occasions earlier. It has already moved past the earlier mentioned target zone. The near-term outlook however appears weak and a drop to the Rs 145-150 range is not ruled out. The recent uptrend would resume after the completion of the ongoing decline. Investors willing to take risk could remain invested. Risk-averse investors could have a stop loss at Rs 164. Fresh buying may be deferred for the time being.

Apollo Tyres (Rs 233.6): Though the stock could move up in the near-term, it is likely to drop to the Rs 180-185 range thereafter. On the upside, the stock could face resistance around the Rs 245-250 range. At the moment, only a close above Rs 255 would impart bullish momentum. Investors who are "in-the-money" could look for opportunities to take at least partial profits. Others could place a stop loss at Rs 220 and a trailing stop loss could be employed if the price moves up.

(Note: The analysis and opinion expressed in these columns are based on the technical analysis of the past price behaviour. Analysis and price targets are based on the Elliott Wave Analysis. There is a risk of loss in trading)

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