The Hindu Business Line : Bearish trend in SBI

Except for a positive trend on Monday, a bearish trend prevailed in the remaining four days of the week. The stock appears to be bracing for the next leg of the upward move. The immediate target is at Rs 1,010-1,020. Investors willing to wait for a while may find opportunities to exit at Rs 1,100-1,150. Shareholders may remain invested with a stop-loss at Rs 960. Fresh exposures may be considered with same stop-loss. The long-term positive outlook would be in force as long as the stock holds above Rs 848.

Reliance Industries

The stock ruled firm and also moved to the resistance zone at Rs 805-810. After touching a high of Rs 808.5, the stock turned weak on Friday.

The outlook appears bullish and the stock could move to Rs 835-840. Hold with a stop-loss at Rs 760.

Fresh exposures may also be considered on weakness, with the same stop-loss. Though a close below Rs 759 would push the stock into a prolonged phase of correction, it would not negate the possibility of a rally to Rs 835-840.

Tata Steel

The price movement was in line with expectations.

The stock ruled firm and also moved to the target zone at Rs 525-550.

The near-term outlook remains positive.

The share price could move to the next target zone at Rs 565-570.

There is a strong support at the Rs 525-530 range. Fresh exposures may be considered at around this support zone, with a stop-loss at Rs 505.

A close below Rs 505 would warrant dilution of holdings.

Satyam

A bullish trend prevailed and the share price also moved closer to the target zone at Rs 875-880.

After moving to a high of Rs 862, the stock closed at Rs 850 on Friday.

The near-term outlook remains positive. The stock is likely to move past the target zone of Rs 875-880.

A close above Rs 880 would help the stock seek next target at Rs 905-910. Long-term investors may hold with a stop-loss at Rs 765.

Infosys

The price movement in recent weeks has not been in line with our expectations.

The stock managed to hold above support level of Rs 2,840-2,860. Though the share price managed to close above positive trigger level at Rs 3,000, it failed to hold above this level.

The near-tern trend would depend on price action in next few days.

A close above Rs 3,080 would impart a positive trend; close below Rs 2,840 would result in a bearish move.

B. Krishnakumar

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