Day Trading Guide 2 - November 20, 2008

ICICI Bank

The near-term outlook is bearish for the stock. We recommend a sell in this counter.

Infosys

We re-affirm our sell recommendation in this counter.

L&T

In the last trading session, the stock fell by 4 per cent accompanied with high volume, in line with our expectation. We reiterate our sell recommendation in this stock.

ONGC

Initiate fresh short-position if the stock declines below Rs 635 with tight stop-loss.

Reliance Capital

On Wednesday, the stock conclusively penetrated the support level Rs 508 (October low) by tumbling 12 per cent with heavy volume. We recommend a sell.

Reliance Communications

The daily relative strength index of the stock has entered in to the bearish zone from the bearish zone, signalling further weakness. We retain our sell recommendation.

Reliance Industries

The stock lost its entire intra-day gains, experiencing selling pressure at higher level on Wednesday. Initiate fresh short-position only if the stock declines below Rs 1,100 with stiff stop-loss.

Satyam Computer

We repeat our sell recommendation.

SBI

The near-tern forecast for the stock is negative. We recommend a sell.

TCS

Sell the stock in rallies while maintaining tight stop loss at Rs 500 level.

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. 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

Source: TheHinduBusinessLine