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ICICI Bank
In the last session, the stock met with a resistance at Rs 1,125 and reversed from this level. We see that the stock is losing its near-term bullish momentum. We recommend a sell. Infosys In line with our expectation, the stock declined on Tuesday, penetrating the 21-day moving average. We continue with our sell recommendation. L&T L&T is trading near its all-time high. The near-term stance is bullish. Buy the stock in dips with stop loss at Rs 3,370. ONGC On Tuesday, ONGC declined from a key resistance level and formed a bearish engulfing pattern. Sell the stock when it breaches Rs 1,085 level. Reliance Capital The near-term outlook of the stock is positive. However, fresh buy should be initiated only when the stock stays above Rs 1,800. Reliance Comm We reiterate our sell recommendation. Reliance Industries The stock is halting at the key short-term resistance at Rs 2,650. Await break through of Rs 2,650 level for a fresh buy position. Satyam Computer The stock was very volatile on Tuesday and reversed from a key resistance level of Rs 489. Sell the stock in rallies with stop at Rs 489. SBI In the last trading session, the stock conclusively penetrated the key resistance and also closed the October 17 gap. We recommend a buy. TCS We maintain the sell recommendation in TCS. Yoganand D.BL Research Bureau
Note: In a buy recommendation, the resistances would be the targets and the nearest support would be the stop loss; In a sell recommendation, the supports would be the targets and the nearest resistance would be the stop loss; The recommendation would be valid for today's trading only. 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© Copyright 2000 - 2009 The Hindu Business Line