The Hindu Business Line : Weak outlook for key pivotals

SBI (Rs 805): The price movement of the stock was not too different in comparison with the market indices. After touching a high of Rs 822 on Wednesday, it was confined to a trading range in the remaining days of the week. Though the short-term outlook appears bearish, the stock is likely to move to the target zone of the Rs 840-845 range on the completion of the expected correction. The immediate support is at the Rs 765-770 range. Remain invested with a stop-loss at Rs 740. In the event of a steady upward move, the stop-loss may be trailed along with the market action.

Reliance Ind (Rs 725.8): A high degree of volatility marked the price action in the stock during the week. The stock, however, managed to move to the target zone of Rs 760-770 that was mentioned last week. The stock is likely to resume the earlier uptrend after completing the corrective phase that it is at present confined to. The support lies at the Rs 708-710 range, followed by the Rs 680-685 band. A close below Rs 670 would negate the positive outlook. Hold with a stop-loss at Rs 669. Fresh exposures may also be considered on price weakness, with a stop-loss at Rs 669.

Tata Steel (Rs 388.2): The price movement during the week validated the positive view expressed last week. The move past the positive trigger level of Rs 375 has confirmed the bullish outlook. The stock could move to the target zone of Rs 405-410 shortly. The trend would remain bullish as long as the price holds above Rs 360. Remain invested with a stop-loss at Rs 359. Fresh exposures may be considered on price weakness, with a stop-loss at Rs 370.

Satyam Computer (Rs 523.2): The stock moved to the target zone of Rs 550-555 on Wednesday and turned weak subsequently. The near-term outlook appears bearish and a drop to the Rs 490-495 range appears likely. A close below the support level of Rs 515-517 range would confirm short-term bearish outlook. Hold with a stop-loss at Rs 510. Shareholders may remain invested with a stop-loss at Rs 505. Reduce exposures on price rally past the target zone.

Infosys (Rs 2290.8): The price movement during the week could prove crucial in determining the short-term trend. The stock turned weak after hitting the crucial resistance zone at the Rs 2375-2380 range. The hesitancy to move past this range is a cause of concern and may impart bearishness if the stock closes below Rs 2200. On the upside, the stock could face resistance at the Rs 2375-2380 range. Remain invested with a stop-loss at Rs 2170 and pare exposure on evidence of weakness at the Rs 2375-2380 band.

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FDC (Rs 50.3): Except for an upward move on Monday, the stock failed to make headway in either direction during the week. The recent price action has not, however, negated the positive outlook expressed last week. The outlook remains bullish and the stock appears on course to move to the next target zone of the Rs 68-70 range. As observed last week, the positive outlook would be negated if the share price closes below the negative trigger level of Rs 46. Shareholders may remain invested with Rs 46. Fresh exposures may also be considered on a close above Rs 52.5, with a stop-loss at Rs 47. A close below Rs 46 would warrant dilution of holdings while a drop below Rs 40 would push the stock into a bearish orbit.

Orient Paper (Rs 172.2): The price movement was in line with last week's expectations. The stock ruled firm and also moved past to the target zone of the Rs 175-180 range. After touching a high of Rs 177.4, the stock closed at Rs 172.2 on Friday. Investors holding the stock may have a stop-loss at Rs 130. The stock could move to the next target zone of the Rs 195-200 range shortly. Fresh exposures may be considered with a stop-loss at Rs 150. A close below Rs 150 would warrant dilution of holdings; a close below Rs 130 would negate the positive outlook.

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