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B. Krishnakumar

ITC (Rs 1400.65): The earlier bullish outlook remains unaltered. The stock appears on course to move to the target zone of Rs 1450-1500. Fresh buying may be considered, with suitable stop-loss, on a move above Rs 1420.

Shareholders may remain invested with a stop-loss at Rs 1320. Partial profit booking may be considered on evidence of weakness at about the Rs 1450-1500 range. The positive outlook would be negated if the stock declines below Rs 1200.

Reliance Ind (Rs 522.8): The stock exhibited a higher degree of volatility during the week. After hitting a low of Rs 498, the stock recovered sharply on Friday. The stock moved closer to the positive trigger level of Rs 525. The trend would turn bullish on a close above Rs 525. The price action in the next few weeks would be crucial in determining the short-term trend in the stock. Remain invested with a stop-loss at Rs 495. Fresh buying may be avoided at this juncture.

Hindustan Lever (Rs 153.1): The price movement has been in line with expectations. As observed in earlier weeks, the stock has managed to move closer to the target zone of Rs 155-160. After touching a high of Rs 154.2, the stock closed a tad lower on Friday. The outlook remains bullish and a move to the Rs 162-165 range appears likely. Holders of long positions may either tighten their stop-loss or consider partial profit booking on a past Rs 160. Shareholders may remain invested with a stop-loss at Rs 145.

Infosys (Rs 2039.2): The stock appears to have completed the downward move at levels that was higher that the anticipated the Rs 1810-1815 range. After touching a low of Rs 1884 on Tuesday, the stock staged a sharp recovery to close on a firm note on Friday. The near-term trend is bullish. The stock could move to the Rs 2150-2200 range shortly. This stock, along with Satyam Computer, appears poised to resume the next leg of the rally. Hold with a stop-loss at Rs 1880. Fresh buying may also be considered with a stop-loss at Rs 1950.

Ranbaxy Labs (Rs 1073): As anticipated, a sharp pull back materialised during the week. But, the pull-back happened much earlier than anticipated. The stock staged a sharp recovery in the last couple of trading sessions. It is, however, unclear whether the recent recovery is just a correction or the start of a new upward move. It would be better to wait for confirmation before taking fresh long positions. Holders may remain invested with a stop-loss at Rs 960. At the moment, the stock appears to have potential to move to Rs 1140-1150.

Follow-up

IDBI (Rs 110.1): Despite the sharp recovery in the indices, the stock ruled weak. Long positions would not have been triggered as the stock failed to close above the trigger level of Rs 120. The stock, however, managed to hold above the stop-loss level of Rs 99. Shareholders may remain invested with a stop-loss at Rs 99. Fresh long positions may be avoided till such time there is a fresh "buy" trigger. The price action last week has not altered the target of Rs 132-135.

Tata Power (Rs 376.8): The stock ruled weak and dropped to a low of Rs 335 on Tuesday. It, however, failed to drop to the target zone of Rs 315-320. The stock is also ruling close to the positive trigger level of Rs 382. A close above this level would impart strength and the stock would move to the Rs 420-430 range subsequently. A drop below Rs 355 would have negative implications. Long positions with a close stop-loss may be considered on a close above Rs 383.

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