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Satyam computer reversed from the Rs 400-level once again. Though it moved past Rs 425, it is halting below the key resistance band between Rs 458 and Rs 463. This is also an important Fibonacci resistance level. A strong move past Rs 465 is required to indicate that the stock is well on the way to recovery.

However, it is easier to envisage a scenario wherein the stock oscillates between Rs 400 and Rs 470 for a few weeks before the up-trend resumes. Investors should initiate fresh purchases only on a close above Rs 470. Traders can watch out for shorting opportunity as the stock reverses from the afore-mentioned resistance band.

— Lokeshwarri S. K.

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