Financial Daily from THE HINDU group of publications
Sunday, Oct 26, 2003
Financial Daily from THE HINDU group of publications Sunday, Oct 26, 2003 |
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Investment World
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Technical Analysis Markets - Technical Analysis Positive long-term trend in Reliance B. Krishnakumar
ITC (Rs 857.9): The stock failed to make headway on the upside. It, however, managed to hold on above the bearish trigger level of Rs 840 that was mentioned last week. It managed to stage a sharp recovery on Friday. The near-term outlook appears positive and a move to the Rs 890-900 range appears likely. Existing holders could remain invested with a stop loss at Rs 840. A trailing stop loss could be employed in the event of an uptrend. Fresh long positions may be deferred. HLL (Rs 187.3): The stock failed to move past the positive trigger price of Rs 210. It managed to stay above the bearish trigger price of Rs 182. The near-term outlook appears positive. However, the stock is likely to resume its downtrend after a short-term recovery. A break below Rs 180 could pave the way for a drop to the Rs 170-172 range. Remain invested with a stop loss at Rs 180. Infosys (Rs 4,554.5): The stock is still unable to move past the critical resistance level of Rs 4,950. While the near-term trend appears positive, only a close above Rs 5,000 would impart positive trend and would push the stock into a short-term bull orbit. Existing holders could have a stop loss at Rs 4,300. Fresh investments may be deferred. Satyam Computer (Rs 296.5): After a weak trend in the first four days, the stock staged a recovery on Friday. The near-term trend appears positive. A move to Rs 310-315 appears likely. A close below Rs 270 would have negative implications and could trigger a sharp slide to the Rs 250-255 range. Remain invested with a stop loss at Rs 270. Reliance Ind (Rs 471.7): As anticipated, a short-term correction had set-in last week. After a drop to Rs 452, the stock closed higher at Rs 471.7 on Friday. The long-term outlook remains positive. In the near-term, the stock is likely to see a recovery to the Rs 480-485 range and then could resume the downtrend thereafter. Only a close above Rs 500 would reinstate bullish trend. Remain invested with a stop loss at Rs 450.
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