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B. Krishnakumar

ONGC (Rs 651): Along with the other key stocks, the share price of ONGC, too, has taken a knock over the past few weeks. Though the stock could see some buoyancy in the near term, there is a risk of a drop to the recent low of the Rs 525-550 range.

On the upside, ONGC could face resistance at the Rs 700-720 range. Only a move past Rs 760 would negate the possibility of a drop to the Rs 525-550 range. Existing holders may have a stop-loss at negative trigger level of Rs 570. Partial profit booking may be considered on a rally to the resistance zone of Rs 690-720.

HLL (Rs 138.7): As observed a couple of weeks ago, the stock dropped to the target price of Rs 120 and recovered ground thereafter. There appears to be little downside risk for the stock. On the upside, a move to the Rs 155-160 range appears likely. Only a close below Rs 128 would blunt the short-term positive outlook. Remain invested with a stop-loss at Rs 127.5. Aggressive traders may consider long positions on a break above Rs 145. A drop below Rs 128 would warrant dilution of holdings.

Infosys (Rs 5218): The stock has been oscillating in a narrow trading range over the past few weeks. A move above Rs 5450 would have positive implications for the stock. On the other hand, a drop below Rs 4800 would impart negative trend. Going by the recent price action, there appears to be little scope for any significant price gains in this stock.

Tata Motors (Rs 391.2): The immediate outlook for the stock appears positive. A move to the Rs 410-415 range may be on the cards. A drop below Rs 360 would have negative implications and could push the stock to the Rs 300-310 range. Existing holders may remain invested with a stop-loss at Rs 360. Pare exposures on evidence of resistance at the Rs 415-420 range. Fresh buying may be deferred for the moment.

Reliance Ind (Rs 433.6): The price movement has been in line with earlier expectations. As anticipated, the stock ruled weak and dropped way below the earlier projected target zone of Rs 450-460. The near-term trend appears positive and a move to the Rs 455-460 range appears likely. The stock is, however, likely to resume the downtrend once the expected upmove is complete. Existing holders may remain invested with a stop-loss at Rs 410. Evidence of resistance at about Rs 460 may be used to reduce holdings.

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