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B. Krishnakumar

HDFC (Rs 760): The share price declined below the stop-loss level of Rs 780. With the breach of the Rs 780-level, the stock appears headed towards the next support level at the Rs 725-735 range. Fresh buying may be avoided while existing holders may reduce exposures and consider re-entry on evidence of support at the Rs 725-730 band.

Hindustan Lever (Rs 133.5): A bearish trend prevailed as anticipated last week. The stock also dropped to the target zone of Rs 129-132. The breach of key trigger levels has imparted weakness. The trend remains bearish and the completion of a "head and shoulder" pattern confirms the weak outlook. The stock could decline to the Rs 105-110 range. Hold with a stop-loss at Rs 130 and look to reduce exposures on price upswings. Only a close above Rs 150 would negate the bearish outlook.

Tata Power (Rs 379.1): The stock ruled weak and also dropped to the target zone of Rs 370-380 that has mentioned in the recent weeks. The near-term trend has turned bullish as the stock has held above the crucial support zone at the Rs 370-380 range. The stock appears to be headed towards the Rs 390-395 range. Hold with a stop-loss at Rs 368. Fresh buying may also be considered with a stop-loss at Rs 368. Partial profit booking may be considered if the stock faces resistance at the target zone of Rs 390-395.

Reliance Ind (Rs 571.65): The stock moved in line with expectations and moved to the target zone of Rs 560-565. After dropping to a low of Rs 558 on Thursday, the stock staged a recovery on Friday. The short-term outlook is bullish and a move to the Rs 590-595 range appears likely. The long-term trend would turn bullish if the stock closes above Rs 610. Till such time, the stock could be confined to a trading range. A drop below Rs 545 would have bearish implications. On the upside, a move above Rs 610 would help the stock approach a target of Rs 625-630.

Infosys (Rs 2200): The stock ruled weak and dropped to the target zone of Rs 2125-2135. After recording a low of Rs 2145, the stock recovered ground on Friday. The near-term trend is positive and a move to the Rs 2300-2310 range appears likely. Hold with a stop-loss at Rs 2130. Fresh exposures may be considered with a stop-loss at Rs 2130. A close below Rs 2130 would negate the positive outlook and would warrant dilution of holdings.

Follow-up:

Ispat Industries (Rs 30.3): As anticipated last week, the stock ruled firm and moved towards the target zone of Rs 33-34. After hitting a high of Rs 32.55, the trend turned weak on Thursday. The near-term outlook remains bullish and a move to the Rs 36-37 range appears likely. A close above Rs 32.5 would validate the bullish view. Hold with a stop-loss at Rs 27.5. Fresh exposures may be considered on a close above Rs 32.5, with a stop-loss at Rs 30. At least partial profit booking may be considered on a move to the target zone of Rs 36-37.

Dhampur Sugar (Rs 142.75): As observed last week, the stock ruled weak and moved closer to the support level of the Rs 135-138 range. There appears to be marginal downside risk. Long-term investors may consider exposures with a stop-loss at Rs 130. A drop below Rs 130 would not only negate the positive outlook, but would also push the stock to the Rs 108-110 range.

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