Day Trading Guide - 07th October 08

ICICI Bank

Initiate fresh long-position if the stock moves above Rs 505 with stiff stop-loss.

Infosys

On Monday, the stock witnessed steep 5 per cent fall and the relative strength index has entered into the oversold region. Buy the stock in dips with tight stop-loss at Rs 1,275.

L&T

The outlook remains positive as long as the stock trades above the key support level of Rs 1,050. We recommend a buy with stop at Rs 1,050 level.

ONGC

Avoid trading in this counter for the session.

Reliance Capital

The near-term outlook is bearish for the stock. Fresh short-position can be initiated if the stock declines below Rs 958 level with stiff stop-loss.

Reliance Communications

We recommend a sell in this counter.

Reliance Industries

The stock plunged almost 7 per cent accompanied with high volume in the last trading session. Sell the stock in rallies with tight stop-loss at Rs 1,750 level.

Satyam Computer

The stance is cautious for the stock. Desist trading in this counter for the day.

SBI

Initiate short-position if the stock reverses from the resistance level Rs 1,500, with tight stop-loss.

TCS

Buy the stock in declines with stop-loss at Rs 600.

(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.)

Source: Hindu Business Line