Financial Daily from THE HINDU group of publications
Sunday, Jul 25, 2004
Financial Daily from THE HINDU group of publications Sunday, Jul 25, 2004 |
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Investment World
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Technical Analysis Markets - Technical Analysis Mixed outlook for pivotals B. Krishnakumar
ONGC (Rs 698.7): Except for a sharp upward move on Monday, the share price did not see any significant trend in the remaining four trading days. The near-term trend appears positive. A move above Rs 710 would help the stock seek higher levels of Rs 735-Rs 740. A drop below Rs 630 would have negative implications. Aggressive traders may take long positions on a move past Rs 720, with a stop loss at Rs 680. Other shareholders may hold with a stop loss at Rs 660. HLL (Rs 120.3): The share price is on a downward trend and there are no signs of completion of this trend. Investors may reduce exposures and contemplate re-entry at lower levels. Based on latest chart patterns, there is possibility of a drop to Rs 100. As observed last week, breach of the Rs 100-mark may result in the test of Rs 65-Rs 70 range. In the longer timeframe charts, a downward sloping "wedge" pattern appears to be taking shape. On the completion of this pattern, a sharp upward move may be anticipated. Infosys (Rs 1,454.8): The stock moved in line with expectations. It turned weak after hitting the target zone of 1490-1500 that was mentioned last week. The share price is likely to oscillate in a narrow band with downward bias this week. Only a break above the resistance level at Rs 1,510-Rs 1,520 range would impart buoyancy. Remain invested with a stop loss at Rs 1,400. Those willing to take risk may consider long positions with a suitable stop loss, if the stock moves past Rs 1,500. Tata Motors (Rs 409): The stock did not display any discernible trend last week. It was confined to a trading range. The completion of a "reversal bar" on Friday indicates the possibility of a short-term move on the upside. Investors with an appetite for risk may consider long positions with a stop loss at Rs 393. Shareholders may either consider partial profit taking or tightening of stop loss when the price moves to Rs 418-Rs 420 range. Reliance Ind (Rs 466.2 ): As anticipated, the stock ruled firm and moved comfortably past the target zone of Rs 435-Rs 440. The price movement last week was significant as the stock managed to break out of a trading range. This has imparted bullishness and a move to Rs 480-Rs 482 range appears likely. However, the stock could reach an extreme overbought region this week. Those holding profitable positions may place the stop loss closer to the prevailing price levels or consider partial profit taking on a move past Rs 475. A drop below Rs 430 would be bearish trigger and would warrant dilution of holdings.
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