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Sunday, Mar 14, 2004

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Near-term trend appears positive

B. Krishnakumar

Wipro (Rs 1,469.8): After moving close to the stop-loss level, the stock recovered ground in the last couple of trading sessions. The outlook for Wipro remains bullish. The earlier view of a rally to the target zone of Rs 1,600-1,620 is still valid. The positive view would be negated only if the share price declines below Rs 1,390. Remain invested with a stop loss at Rs 1,390. A move above Rs 1,540 would have positive implications. Aggressive traders could contemplate long positions on price weakness. Conservative investors may wait for the break above Rs 1,540 before taking long positions.

HLL (Rs 156.5): The stock declined to the target zone of Rs 145-148 that was mentioned last week. Though there is a possibility of a near-term upmove, there is no evidence of the reversal of the downward trend. Remain invested with a stop loss at Rs 145. Long positions may also be considered on price declines, with a stop loss at Rs 145. A move past Rs 165 would warrant profit taking or dilution of holdings. At the moment, only a move past Rs 178 would blunt the negative outlook.

Infosys (Rs 5,037): The price movement was not in line with expectations. Long positions would not have been triggered as the stock failed to move past the positive trigger price of Rs 5400. On the contrary, the decline below the stop-loss level of Rs 5,100 should have resulted in either liquidation or at least dilution of long positions. The near-term trend appears positive and a move to the Rs 5,300-5,350 range appears likely. Remain invested with a stop loss at Rs 4,800.

Satyam Computer (Rs 304): Though the trend in this stock, too, was bearish, it managed to hold above the bearish trigger level of Rs 290. The near-term trend appears positive and a move to the Rs 320-325 range appears likely. A move past Rs 325 would impart further strength to the rally. On the downside, the Rs 287-290 range has turned out to be a strong support. A breach of this zone would result in a sharp slide. Remain invested with a stop loss at Rs 289.

Reliance Ind (Rs 563.5): After an intra-day break of the stop loss level of Rs 560, the stock recovered and closed above this level on Friday. The near-term trend appears bullish. A move to the Rs 600-605 range appears likely. Remain invested with a stop loss at Rs 554. Long positions with a stop loss at Rs 558 may be considered if the stock moves above Rs 580.

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