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ICICI Bank
On Wednesday, the stock declined and formed the three black crows candlestick pattern-which indicates bearishness. We recommend a sell with stop loss at Rs 1,222. Infosys Last session, the stock opened with a downward gap and tumbled more than 5 per cent, with an increase in volume. However, the stock is currently trading around significant support level. Desist trading for the session. L&T The stock is moving sideways with a downside bias. Fresh short position should be initiated only when the stock declines below Rs 4,065. ONGC We reiterate sell recommendation in ONGC, with stop loss at Rs 1,320. Reliance Capital Though the stock moved up from the 21-day moving average line in the last session, however, the short-term outlook remains bearish. Sell the stock in rallies with stop loss at Rs 1,942. Reliance Communications The stock penetrated the 21-day moving average line on Wednesday. We reaffirm our sell recommendation. Reliance Industries The near-term outlook for the stock is bullish. We recommend a buy. Satyam Computer Sell the stock with stop loss at Rs 441. SBI The stock formed at spinning top candlestick pattern indicates indecisiveness in the stock. Avoid trading for the day. TCS We note that the stock's short-term downtrend is likely to continue further. We maintain our sell recommendation. Yoganand D. 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