Wednesday 15 October 2008

Day Trading Guide - October 16, 2008



ICICI Bank

Buy the stock in dips with tight stop-loss at Rs 390 level.

Infosys

The outlook remains positive as long as the stock trades above the support level of Rs 1,300. We re-affirm our buy recommendation in this counter.

L&T

In the last trading session, the stock plummeted 11 per cent, with heavy volume. Initiate fresh short-position only if the stock declines below Rs 850 level, with tight stop-loss.

ONGC

On Wednesday, the stock was very volatile and formed a spinning top candlestick pattern indicating indecisiveness. Desist trading in this counter for the session.

Reliance Capital

In the last trading session, the stock fell 11 per cent or Rs 89 with above average volume, reinforcing the selling pressure. We recommend a sell in this stock.

Reliance Communications

The stock is currently testing a key support level of Rs 230. We recommend a buy with stiff stop-loss at Rs 230.

Reliance Industries

Fresh short-position can be initiated only if the stock breaches Rs 1,480 level, with tight stop-loss.

Satyam Computer

We retain our buy recommendation.

SBI

Buy the stock in dips while maintaining tight stop at Rs 1,450 level.

TCS

Avoid trading in this counter for the session.

Source: HinduBusinessLine

Posted by Harsh at 17:28

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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.