The Hindu Business Line : Focus of the week

Bank of Baroda (Rs 236.3): The stock appears to have broken out of a "Bullish Flag" pattern. The near-term tend appears positive and a move to the Rs 270-275 range appears likely. A close above Rs 248 would confirm this view. On the other hand, a drop below Rs 210 would have negative implications and would invalidate the positive outlook.

Indian Oil Corporation (Rs 469.6): The stock could seek the Rs 550-560 range in the near term. A move past Rs 493 would confirm the positive outlook. Remain invested with a stop-loss at Rs 430. Long position may be considered on a move past Rs 493.

Follow-up

Neyveli Lignite (Rs 50.8): The stock moved in line with last week's expectations. As anticipated, it dropped to the target zone of Rs 45-46 and staged a recovery thereafter. The immediate resistance is at the Rs 61-62 range. Though there is a possibility of a short-term upmove, the stock is likely to drop below Rs 46 after its completion. Remain invested with a stop-loss at Rs 46.2.

ICICI Bank (Rs 322.7): The stock failed to move below the negative trigger price of Rs 275. It, however, broke above the positive trigger level of Rs 319. This has imparted bullish trend and a move to the Rs 350-360 range appears likely. Remain invested with a stop loss at Rs 305. Fresh buying may also be considered, with a stop loss at Rs 305, by investors willing to take risk.

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