Date:05/06/2008 URL: http://www.thehindubusinessline.com/2008/06/05/stories/2008060551471501.htm

Back Day Trading Guide

ICICI Bank

On Wednesday, the stock was volatile and formed a doji candlestick pattern, which indicates neutral stance. Avoid trading in this stock for the session.

Infosys

Fresh short-position can be initiated if the stock declines below Rs 1,854 level, with tight stop-loss.

L&T

The near-term outlook for the stock is bearish. We retain our sell recommendation.

ONGC

In line with our expectation, the stock moved above Rs 854 in the last trading session accompanied with heavy volume. The relative strength index has recovered from the oversold territory. We recommend a buy.

Reliance Capital

Negating our prior view, the stock declined in the last session and is hovering around March low. Fresh short-position can be initiated if the stock declines below Rs 1,045 with stiff stop.

Reliance Communications

Initiate short-position if the stock declines below Rs 529 with close stop.

Reliance Industries

The stock is experiencing selling pressure at higher levels. Sell the stock in rallies with stop at Rs 2,400.

Satyam Computer

The stock fell penetrating the 21-day moving average. We maintain our sell recommendation.

SBI

Following a watchful outlook, the stock resumes the downtrend with good volume. We recommend a sell.

TCS

Initiate short-position when the stock declines below Rs 945 level, with tight stop.

Yoganand D.

BL Research Bureau

(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)