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B. Krishnakumar

Wipro (Rs 1545.2): The stock ruled weak in line with the overall market trend. The recent price action indicates the possibility of a near-term rally. A move to Rs 1585-1600 appears likely. Remain invested with a stop-loss at Rs 1500. A drop below Rs 1490 would result in the continuation of the recent downtrend. At the moment, only a close above Rs 1650 would reinstate the positive outlook. While fresh buying may be avoided, existing holders may remain invested with a stop-loss at Rs 1500.

HLL (Rs 141.3): After consolidation in the preceding few weeks, the stock appears set to resume the downtrend. The quarterly performance announced by the company appears to have set the tone for the next leg of decline. The earlier view that the stock is in a long-term downtrend is still valid. The share price appears on course to test the earlier low of Rs 135. At the moment, only a move past Rs 165 would impart strength. Remain invested with a stop-loss at Rs 138 and look for opportunities to reduce exposures. Fresh buying may be avoided.

Infosys (Rs 5047): The stock ruled weak in the past few days. The near-term outlook appears weak. A drop to the Rs 4700-4800 range appears likely. Only a move past Rs 6200 may reinstate the positive sentiment. Existing holders may look for opportunities to reduce exposure in the stock. Taking into account the recent chart patterns, there is no reason to take exposures at the prevailing price levels. Existing holders may use price upmoves to pare exposures.

Satyam Computer (Rs 320): The stock continues to be stuck in a narrow range for several weeks now. There is no discernible pattern to identify long-term trend in the stock. The price action in the forthcoming weeks would resolve the present hazy position. A drop below Rs 280 would have negative implications while a move past Rs 400 would impart strength. Positions can be avoided in the stock till the price pattern indicates clearer picture of the long-term trend.

Reliance Inds (Rs 526.4): The stock ruled weak and dropped below the negative trigger level of Rs 550. This imparted weakness to the price trend and pushed the stock to lower levels. The near-term trend remains weak and a test of the Rs 500-505 range appears likely. A close below Rs 495 could result in the test of the Rs 450-460 range. Remain invested with a stop-loss at Rs 515.

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