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Sunday, Nov 23, 2003

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Hind Lever likely to move upward

B. Krishnakumar

SBI (Rs 448.7): Though the overall outlook for the stock appears positive, the near-term outlook appears weak. On the downside, a drop to Rs 395-400 is not ruled out. A close below Rs 435 would confirm the short-term bearish outlook. On the other hand, a close above Rs 477 would impart bullishness and would negate the short-term bearish outlook. Remain invested with a stop loss at Rs 435. Fresh buying may be deferred for the time being.

HLL (Rs 179.8): The stock ruled weak during the week gone by. However, the crucial support level at Rs 173 was not breached, which is a positive development from a long-term perspective. The recent price pattern suggests that the stock is about to resume its uptrend. The long-term trend remains bullish and a close above Rs 200 would push the stock into a bull orbit. Only a close below Rs 173 would negate the positive outlook. Remain invested with a stop loss at Rs 173.

Infosys (Rs 4671.5): The stock failed to make any headway on either direction. It was confined to a narrow trading range of Rs 200 last week. While the earlier view of a rally to the Rs 5400-5450 range is still valid, the stock could rule weak in the near term. Only a close above Rs 4950 would impart positive trend. And, a close above Rs 5200 would reinstate the short-term bullish outlook. Existing holders could remain invested with a stop loss at Rs 4350; a close above Rs 4950 could be used to take long positions with a close stop loss in place.

Satyam Computer (Rs 313.3): Similar to Infosys, the share price of the company, too, was confined to a narrow trading zone. A series of "doji" pattern in the Japanese candlestick chart in the recent days indicates indecision in the market. A sharp move would take place once the stock moves out of the present trading range. A move past Rs 340 would impart positive trend while a close below Rs 290 would impart bearishness. Remain invested with a stop loss at Rs 290.

Reliance Ind (Rs 460.5): Contrary to expectations, the stock ruled weak and staged a sharp recovery on Friday. Despite the recent weakness, last week's view of a rally to the Rs 495-500 range is still valid. Existing holders could remain invested with a stop loss at Rs 445; a close above Rs 480 would reinstate positive trend. A close below Rs 445 would be a negative development and would blunt the positive outlook.

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