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Sunday, Apr 14, 2002

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Infosys, Satyam rule firm

B. Krishnakumar

ITC (Rs 648.05): As expected last week, the share price of the company ruled distinctly weak. After touching a low of Rs 621, the scrip recovered some ground towards the end of week. The overall trend in ITC continues to be negative.

Though the scrip could see a short-term bounce it is likely to face resistance at the Rs 685-700 range. Existing holders could remain invested and use price rally to reduce exposures. Evidence of weakness around Rs 680 could be used to take short positions by aggressive traders.

Hindustan Lever (Rs 225): In line with last week's observation, the scrip witnessed a subdued trend last week. Though there was some recovery on Friday, the overall trend in Hindustan Lever continues to remain weak. Price upmove would therefore be viewed as an opportunity to reduce exposures in the company. As of now, an uptrend would face resistance at the Rs 232-236 range. Existing holders could look for avenues to reduce exposures in the stock. Fresh buying may be avoided for the time being.

Infosys Technologies (Rs 3,880): The price movement in this scrip was also in accordance with last week's expectation. As anticipated, the scrip ruled firm and also managed to touch the resistance level of Rs 3,900. As of now, the Infosys scrip could move to a target price range of Rs 4,100-4,200. Existing holders of the scrip could have trailing stop in place to protect unrealised gains. Fresh buying may be considered on a break above Rs 3,950 with a stop at Rs 3,700.

Satyam Computers (Rs 275.85): The price action in this scrip too was in line with last week's expectations. Similar to Infosys, Satyam too ruled firm during the week gone by. The near-term outlook for Satyam appears positive. The scrip could seek higher levels in the short term. Existing holders could remain invested with a stop at Rs 250 while fresh aggressive traders could take long positions with a very close stop in place.

(Note: This column analyses the outlook for major Nifty constituents based entirely on Technical Analysis of the past price behaviour of the company concerned. There is a risk of loss in trading.)

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