Financial Daily from THE HINDU group of publications
Sunday, Oct 17, 2004
Financial Daily from THE HINDU group of publications Sunday, Oct 17, 2004 |
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Investment World
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Technical Analysis Markets - Technical Analysis Reliance may seek higher levels B. Krishnakumar
Reliance Ind (Rs 545.7): The stock dropped below the projected target zone of Rs 540-Rs 545. After hitting a low of Rs 533, the stock closed on a positive note on Friday. The stock could seek higher levels in the near-term. The positive view would be valid if the stock trades above Rs 532. Hold with a stop loss at Rs 532; fresh buying may be avoided. ONGC (Rs 805.9): After a weak trend in the early part of the week, the stock managed to recover ground on Friday. The outlook for the stock remains positive. The earlier view of a rally to Rs 835-Rs 840 range is valid. Hold with a stop loss at Rs 770. Short-term traders may consider long positions with a close stop loss if the price moves past Rs 805. A drop below Rs 770 would warrant dilution of holdings, as this could result in a slide to Rs 725-Rs 730 range. HLL (Rs 126.8): The price action in the stock was lacklustre last week. The share price was confined to a narrow trading zone. This, however, has not negated the view of a rally to Rs 135-Rs 140 level. As observed last week, the stock is in consolidation phase, which could be the launch pad for the next leg of rally. Only a drop below Rs 118 would impart weakness and negate the positive outlook. Hold with a stop loss at Rs 118. Short-term investors may consider long positions on a move past Rs 129, with a stop loss at Rs 125. Infosys (Rs 1,784.5): The price action was in line with expectations. After the anticipated weakness in the early part of the week, the stock staged a sharp recovery on Thursday. The near-term outlook appears positive. The stock could move to Rs 1,839-Rs 1,840 range and the trend is likely to turn weak subsequently. A drop below Rs 1,718 would be a negative trigger. Shareholders may reduce exposures on a drop below this level. Hindalco Industries (Rs 1,243.1): Though the long-term outlook for the stock is positive, the near-term outlook is weak. There is a risk of a drop to Rs 1,140-Rs 1,150 range. A sell signal has been triggered in the weekly charts. This would, in turn, impart weakness in the daily charts. Any recovery in price may be used to reduce exposures. A drop below Rs 1,225 would impart weakness while a close below Rs 1,210 would confirm the short-term drop to the target zone.
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