Thursday 25 September 2008

Day Trading Guide - 26th Sep 08




ICICI Bank

Desist trading in this counter for the session as the stock is in a sideways consolidation.

Infosys

A significant support for the stock is at the Rs 1,457-level. Buy the stock in dips with tight stop-loss at Rs 1,457.

L&T

The stock was volatile in the previous trading session and it formed a doji candlestick pattern, indicating neutral stance. Avoid trading in this counter for the day.

ONGC

Initiate fresh long position only if the counter exceeds the Rs 1,085-level, with stiff stop-loss.

Reliance Capital

The stock is trading in a narrow range bound. We retain our prior view of avoiding trading in this counter for the session.

Reliance Communications

We retain our buy recommendation in this counter.

Reliance Industries

Initiate fresh long-position if the stock surpasses Rs 2,060-level with close stop-loss.

Satyam Computer

Buy the stock in dips with stop-lose at Rs 305.

SBI

Fresh short-position can be initiated if the stock declines below the Rs 1,467-level with stiff stop-loss.

TCS

In the last trading session, the stock penetrated the support level of Rs 700 by declining 3 per cent. We re-affirm our sell recommendation


- Hindu BusinessLine

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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.