Thursday 6 November 2008

Day Trading Guide - November 7, 2008



ICICI Bank

Sell the stock in rallies with tight stop-loss at Rs 450 level.

Infosys

In the last trading session, the stock plummeted by 5 per cent, penetrating the 21-day moving average. We recommend a sell.

L&T

Utilise rallies to sell the stock while maintaining tight stop-loss at Rs 905.

ONGC

We recommend a sell in this counter.

Reliance Capital

The stock was volatile in this last trading session and it formed a spinning to candlestick pattern indicating indecisiveness. Avoid trading in this counter for the session.

Reliance Communications

The near-term outlook is bearish for the stock. We re-affirm our sell recommendation.

Reliance Industries

In line with our expectation, the stock declined accompanied with high volume on Thursday. The daily relative strength index has re-entered into the bearish zone from the neutral region. We reiterate our sell recommendation in this counter.

Satyam Computer

Sell the stock in rallies with stiff stop-loss at Rs 284.

SBI

Initiate fresh short-position if the stock declines below Rs 1,190, with tight stop-loss.

TCS

We retain our sell recommendation

Source: TheHinduBusinessLine

Posted by Harsh at 11:25

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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.