Monday 17 November 2008

Day Trading Guide - November 18, 2008



ICICI Bank

Sell the stock in rallies with tight stop-loss at Rs 400.

Infosys

The stock is currently testing the key support level of Rs 1,200. Fresh short-position can be initiated if the stock declines below this support level, with tight stop-loss.

L&T

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

ONGC

On Monday the stock was choppy and formed a spinning top candlestick pattern, indicating indecisiveness. Avoid trading in this counter for the day.

Reliance Capital

We recommend a sell in this counter.

Reliance Communications

Buy the stock in dips with stiff stop-loss at Rs 200.

Reliance Industries

The stock is currently pausing at around Rs 1,150 level. Utilize rallies to sell the stock with tight stop-loss at Rs 1,190.

Satyam Computer

In the last trading session, the stock experienced selling pressure at higher level and it lost its intra-day gains. The daily relative strength index has entered in the bearish zone and MACD is indicating a sell. We recommend a sell.

SBI

Desist trading for the session as the stock was volatile and formed doji candlestick pattern indicating neutral stance.

TCS

Initiate short position if the stock breaches the support level Rs 500 with tight stop-loss.


(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: TheHinduBusinessLine

Posted by Harsh at 13:40

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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.