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B. Krishnakumar

Hindustan Lever (Rs 155.3): As anticipated, the stock got into a corrective phase. The share price also dropped below the stop-loss level of Rs 161, which resulted in a slide to a low of Rs 151 on Friday. The price movement on Friday has resulted in the completion of a bullish "key reversal bar".

This is a positive development and a move past Rs 163 would confirm the bullish outlook. Hold with a stop-loss at Rs 150. Fresh buying may be considered on a move past Rs 163, with a stop-loss at Rs 152. Long positions may be enhanced on a move past Rs 171.

ITC (Rs 1334): The stock managed to hold above the bearish trigger level of Rs 1310. There appears to be little downside risk. As observed last week, the share price would get into an uptrend on a move above Rs 1380. Fresh exposures may be considered on a move past Rs 1380, with a stop-loss at Rs 1350. A drop below Rs 1310 would have bearish implications and would push the stock to the Rs 1245-1250 range. Remain invested with a stop-loss at Rs 1310. The earlier view that the stock is headed towards the Rs 1450-1500 range is still valid.

Reliance Ind (Rs 548.6): The week gone by was quite significant for this stock. Not only did the share price managed to hold above the bearish trigger level of Rs 495, it moved past the positive trigger level of Rs 550 as well. This has triggered a "buy" signal. The uptrend would gain momentum on a move above Rs 555. A weekly close above this level would help the stock move to the next major target of the Rs 595-600 range. Hold with a stop-loss at Rs 520 for a portion of the holding and at Rs 495 for the balance.

HDFC (Rs 784.4): Remain invested with a stop-loss at Rs 760. The stock is likely to resume the uptrend shortly. A drop below Rs 760 would impart further weakness. Fresh buying may be contemplated when the price moves above Rs 801, with a stop-loss at Rs 775.

Infosys (Rs 2103.3): The stock moved in line with last week's expectations. The share price ruled weak and dropped to a low of Rs 2018.5 during the week. The short-term correction appears complete and the share price could seek higher levels. A close above Rs 2125 would trigger a "buy" signal and would push the stock to the Rs 2185-2200 range. Hold with a stop-loss at Rs 2030. Fresh buying may be considered on a close above Rs 2125, with a stop-loss at Rs 2050.

Follow-up

KEC International (Rs 151.25): The stock ruled firm as anticipated last week. After moving to a high of Rs 157, the stock turned weak on Friday. Though the short-term trend has turned weak, the long-term outlook is bullish. The recent upward move has pushed the stock into an overbought zone.

After a short-term correction, the stock is likely to resume the uptrend towards the projected target zone of Rs 200. Shareholders may consider partial profit booking and fresh exposures may be considered at the Rs 138-142 range. Investors wanting to take fresh exposures may wait for a move above Rs 158. Stop-loss for such long positions may be placed at Rs 145.

Bombay Dyeing (Rs 236.3): Last week's view of a move to Rs 255-260 range is unaltered. Hold with a stop-loss at Rs 210. As observed last week, a sharp upward spike materialised on Friday. The pick-up in momentum on Friday confirms the bullish outlook. Fresh exposures may be considered on a move past Rs 244, with a stop-loss at Rs 225.

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