Comments
DLF
On Wednesday, DLF had a gap down opening and moved sideways forming a doji candlestick pattern signalling neutral stance. It fell four per cent accompanied by good volumes. Avoid trading in the stock as the near-term view is watchful.
ICICI Bank
The near-term stance stays bearish as long as the stock trades below Rs 1,022 levels. Initiate fresh short position if the stock reverses down from Rs 1,022 levels with fixed stop-loss.
Infosys
The near-term outlook is bearish for the stock. We recommend a sell in the stock with stiff stop-loss at Rs 2,810 levels.
L&T
Fresh long position can be initiated if L&T exceeds beyond Rs 1,620 levels with stiff stop-loss.
ONGC
ONGC continues to test its key support. Initiate fresh long position if the stock reverses upwards from Rs 258 levels with tight stop-loss.
Reliance Industries
Fresh short position can be initiated only if the stock slips below Rs 890 levels with tight stop-loss.
SBI
Fresh long position can initiated only if SBI jumps beyond Rs 2,200 levels with fixed stop-loss.
Tata Motors
Initiate fresh long position if the counter advances above Rs 1,150 levels with stiff stop-loss.
Tata Steel
Fresh short position is recommended only if Tata Steel declines below Rs 554 levels with tight stop-loss.
Nifty Futures
Nifty Futures fell by 38 points witnessing selling pressure in the last trading session. As long as it trades below 5,400, the near-term stance remains bearish. Fresh short position can be initiated if it fails to move above 5,400 levels with tight stop-loss.
(The analysis and opinion expressed in these columns are based on the technical analysis of the past price behaviour. The stop-loss level provided with the recommendation is important. The original view would stand negated if the stop-loss level is breached. There is a risk of loss in trading)
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