The Hindu Business Line : Firm undertone in Reliance, HLL

Wipro (Rs 1762.3): Though the stock managed to close above the positive trigger price of Rs 1750, it lacked the bullish momentum that was evident in the other index stocks. The near-term trend remains positive and a move to the Rs 1825-1850 range appears likely. A close below Rs 1650 would not only negate the positive outlook, but would also impart short-term bearish trend. Fresh buying may be deferred for the time being.

HLL (Rs 215.5): The stock ruled firm and also moved to the target zone of Rs 215-220. The near-term outlook remains bullish. After a short-term decline, the stock could rally towards the immediate target of Rs 235-240. The stock appears to be in the early stages of a long term bull-run. The bullish outlook would be blunted if the share price drops below Rs 190. A close below Rs 170 would almost negate the long-term bullish outlook and could impart prolonged weakness. Remain invested with a stop loss at Rs 190. Price declines could be used to take fresh exposures with a stop loss at Rs 190.

Infosys (Rs 5666.8): The price movement was in line with last week's expectation. The stock moved past the target zone of Rs 5550-5600 that was mentioned in the previous week. The near-term trend is bullish and a move to the Rs 5800-5850 range appears likely. At the moment, only a close below Rs 5300 would negate the bullish view. Remain invested with a stop loss at Rs 5300. Fresh buying with a stop loss at Rs 5200 may be considered once the stock closes above Rs 5750.

Satyam Computer (Rs 375): The stock managed to sail past the bullish trigger price of Rs 364. It also managed to move to the target zone of Rs 395-400 that was mentioned last week. The near-term trend is bullish and a move to the Rs 390-395 range appears likely. A move past Rs 382 would help the stock move to the target zone of Rs 395-400. Only a drop below Rs 340 would have negative implications. Remain invested with a stop loss at Rs 340. A move past Rs 364 could be used to take fresh exposures with a tight stop loss.

Reliance Industries (Rs 585.7): As observed last week, the stock ruled firm. It also managed to move past the target zone of Rs 545-550 that was mentioned last week. The uptrend in this stock was instrumental in pushing the key market indices to higher levels. The near-term trend continues to be bullish and the stock appears to be headed towards the price target of Rs 605-610. Remain invested with a stop loss at Rs 570. Investors holding a profitable position may employ trailing stop loss for at least a portion of their portfolio.

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