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B. Krishnakumar

Wipro (Rs 1609.4): The stock was confined to the limits of the bullish and bearish trigger price level of Rs 1650 and Rs 1420 respectively. The recent price pattern indicates that the stock could seek higher levels. A move past Rs 1650 would confirm the positive outlook and could push the stock to the price target of the Rs 1725-1750 range. Only a break below Rs 1570 would negate the positive outlook and could push the stock to the Rs 1460-1470 range. The anticipated uptrend is likely to resume thereafter. Existing holders could remain invested with a stop loss at Rs 1520. A move past Rs 1650 could be used to take fresh exposures with a close stop loss.

HLL (Rs 187): The stock failed to make any sort of headway in either direction. It was confined to a narrow trading range last week. The overall outlook remains positive. A move past Rs 190 is likely to impart bullish momentum. A close above this level could push the stock to the near-term target of the 205-210 range. At the moment, a close below Rs 180 would result in short-term weakness while a drop below Rs 173 would lead to prolonged bearishness. Remain invested with a stop loss at Rs 180. Fresh buying may be deferred.

Infosys (Rs 5032): Similar to other major index stocks, the share price of Infosys too was confined to a narrow trading band. The stock appears to be in the midst of a congestion phase. A breakout of this range would impart momentum to the direction of the breakout. Going by the recent price pattern, only a close above Rs 5400 would impart bullish trend. Till such time, it would be safer to stay clear of the stock.

Satyam Computer (Rs 343.8): The price pattern in this stock is more positive in comparison with Infosys. The stock could seek the Rs 375-380 range in the near term. A move past Rs 360 would have positive implications while a drop below Rs 320 would have negative implications. Remain invested with a stop loss at Rs 320. A move past Rs 360 could be used to take fresh exposures.

Reliance Ind (Rs 490.8): The stock moved in line with expectations. It ruled weak in the first two days of the week and managed to recover ground thereafter. The near-term trend appears positive. A move above Rs 515 would confirm the positive outlook while a drop below Rs 474 would result in a bearish trend. Remain invested with a stop loss at Rs 474. Aggressive traders could contemplate long positions with a close stop loss once the stock moves above Rs 515.

(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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