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ICICI Bank
The stock recorded yet another new high though it shed some gains towards the close. The stock appears stretched on the momentum charts. Sell the stock if it reverses from Rs 1,100. Infosys Infosys gained over 5 per cent on Wednesday, as per our expectation. But, the stock is currently facing another strong resistance around Rs 2,033. We recommend a buy only when the stock moves above Rs 2,033. L&T We reiterate our buy recommendation in L&T. ONGC Buy it on dips with a tight stop at Rs 1,010. Reliance Capital The stock is facing resistance at higher levels. Buying is recommended as long as the stock trades above Rs 1,737. Reliance Comm We note that the stock has gained 9 per cent in the last two trading sessions, supported with good volumes. With these gains, the daily RSI (a momentum indicator) has been pushed to over-bought level. We expect minor corrections at this point. Sell when the stock reverses from Rs 660 Reliance Ind RIL reversed in line with our expectation. Buy with a stop loss at Rs 2,376. Satyam Computer The stock closed at key short-term resistance level. Buy only if it moves beyond Rs 458. SBI The stock can move sideways between Rs 1,880 and Rs 1,980. We do not recommend trading while the stock is confined to this range. TCS TCS has resumed its near term up-trend. But fresh purchases are recommended only if the stock moves above Rs 1,095. Yoganand D. BL Research Bureau© Copyright 2000 - 2009 The Hindu Business Line