Tuesday 30 September 2008

Day Trading Guide - 01/10/2008




ICICI Bank

Initiate fresh long-position if the stock moves above Rs 550 with tight stop-loss.

Infosys

In the last trading session, the stock found support at Rs 1,300 and recovered. Buy the stock in dips with tight stop-loss at Rs 1300.

L&T

On Tuesday, the counter gained 4 per cent with good volume and formed piercing line candlestick pattern, which signals bullishness. We recommend a buy in this counter.

ONGC

Desist trading in this counter for the session, as the outlook is cautious.

Reliance Capital

The stock has formed piercing line candlestick pattern that signals bullishness. We recommend a buy.

Reliance Communications

Fresh long position can be initiated if the stock crosses Rs 342 level, with stiff stop-loss.

Reliance Industries

The outlook remains positive as long as the stock trades above Rs 1,900 level. Buy the stock in declines.

Satyam Computer

The stock has formed a spinning top candlestick pattern, indicating indecisiveness in the previous trading session. Avoid trading in this stock.

SBI

The stock rallied shaping a bullish engulfing candlestick pattern on Tuesday. We notice above average volume. We recommend a buy.

TCS

We retain our buy recommendation in this counter.

Posted by Harsh at 21:54

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DISCLAIMER: The author is not a registered stockbroker nor a registered advisor and does not give investment advice. His comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to buy or sell a stock, option, future, bond, commodity, index or any other financial instrument at any time. While he believes his statements to be true, they always depend on the reliability of his own credible sources. The author recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction, before making any investment decisions, and that you confirm the facts on your own before making important investment commitments.