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B. Krishnakumar

ITC (Rs 1,341.8): The bearish sentiment witnessed in the earlier weeks appears to have subsided.

There appears to be nominal downside risk from present levels. A move above Rs 1,380 would have positive implications and long positions with a close stop-loss may be considered subsequently. Shareholders may remain invested with a stop loss at Rs 1,310. The earlier view that the stock is headed towards Rs 1,450-Rs 1,500 range is still valid.

Reliance Ind (Rs 536.4): The price movement was marked by a high degree of volatility during the week. The stock was oscillating in a narrow range. A strong trend would develop on a breakout from this trading zone.

A move above Rs 550 would have positive implications while a close below Rs 515 will be negative.

Fresh buying may be avoided at this juncture. The latest development pertaining to the routing of international long distance calls as local calls by Reliance Infocomm could affect near term market sentiment towards the stock. Shareholders may remain invested with a stop-loss at Rs 495.

Hindustan Lever (Rs 165.8): The stock has moved in line with earlier expectations. The stock ruled firm during the week and also moved past the target zone of Rs 162-Rs 165 range.

After touching a high of Rs 170.5, the stock closed on a weak note on Friday. The stock could get into a short-term corrective phase before resuming the next leg of the uptrend.

Holders of long positions may take partial profits and retain the balance with a stop-loss at Rs 155.

Fresh buying may be considered on a move past Rs 171, with a stop-loss at Rs 161.

Infosys (Rs 2,080.7): The recent price action suggests that the share price could rule weak in the near term. The long-term trend is however bullish. The share price is likely to resume the long-term uptrend on the completion of the expected short-term correction. The positive view would be negated if the stock drops below Rs 1,950. Fresh buying may be considered on a close above Rs 2,120, with a stop-loss at Rs 2,030. Shareholders may remain invested with a stop-loss at Rs 1,990.

HDFC (Rs 817): After hitting a high of Rs 808 in December 2004, the stock has been in a corrective phase. The stock moved to a low of Rs 712 a few weeks ago that marked the completion of the corrective phase.

The share price appears to have commenced the next leg of the upward move. A move to the immediate target zone at Rs 865-Rs 870 range appears likely.

Long positions may be considered on price weakness; with a stop-loss at Rs 780. Shareholders may remain invested with a stop-loss at Rs 770.

Follow-up:

Saw Pipes (Rs 250.4): The stock ruled firm as anticipated last week. It also moved to the target zone of Rs 255-Rs260 range.

After touching a high of Rs 256, the stock closed at Rs 250.4 on Friday. The outlook remains positive and the share price could head towards the next target range of Rs 278-Rs 280 range.

A move above Rs 257 would be "buy' signal and may be used to take fresh exposures with a stop-loss at Rs 238.

Conservative investors may sell a portion of their holdings and retain the balance with a stop-loss at Rs 220.

Investors willing to take risk may remain invested with a stop-loss at Rs 220.

Fresh buying may be considered either on a move above Rs 257 or on the evidence of support at around Rs 225-Rs 230 range.

Shipping Corporation (Rs 166): Last week's bullish view is still valid. The share price appears to have completed the first leg of the upward move. The next leg, which could be quite powerful, is likely to get underway shortly. The stock appears on course to move past the immediate target of Rs 200. Hold with a stop-loss at Rs 153. Fresh buying may also be considered on a break above Rs 168 with a stop-loss at Rs 158.

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