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The up-move from the August 22 trough turned out to be a dead cat bounce and contrary to our expectation, Satyam Computers is once more testing the intermediate term support at Rs 400. Friday’s recovery from an intra day low of Rs 401 underlines the psychological importance of the Rs 400 level as buying is emerging every time the stock nears this point.

Investors ought to hold the stock with a stop at Rs 370. The long-term support at Rs 375 would support the stock in a sharp decline.

The stock is expected to oscillate in the zone between Rs 400 and Rs 425 next week. Traders can watch for buying opportunity close to the lower boundary.

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