Monday 3 November 2008

Day Trading Guide - November 4, 2008



ICICI Bank

The stock is facing key resistance at Rs 450. Initiate fresh short-position only if the stock reverses from the resistance level of Rs 450, with tight stop-loss.

Infosys

On Monday, the stock lost its entire intra-day gains, experiencing selling pressure at higher levels. Fresh short-position can be initiated if the stock declines below Rs 1,350, with stiff stop-loss.

L&T

The near-term outlook remains positive as long as the stock trades above Rs 850. Buy the stock in dips with stop-loss at Rs 850.

ONGC

We recommend a buy in this counter.

Reliance Capital

The near-term stance is bullish for the counter. We recommend a buy.

Reliance Communications

Utilize rallies to sell the stock with tight stop-loss at Rs 253.

Reliance Industries

The stock is facing significant resistance at Rs 1,465. Fresh long-position can be initiated if the stock exceeds Rs 1,465 with tight stop-loss.

Satyam Computer

The stock is consolidating sideways. Desist trading in this counter for the session.

SBI

In the last trading session, the stock gained almost 12 per cent, experiencing buying pressure. We recommend a buy with stiff stop-loss at Rs 1,200.

TCS

Avoid trading in this stock as the outlook is cautious.

Source: TheHinduBusinessLine

Posted by Harsh at 12:54

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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.