Day Trading Guide - November 12, 2008

ICICI Bank

Initiate fresh short position if the stock declines below Rs 425, with tight stop loss.

Infosys

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

L&T

As long as the stock trades above Rs 835, the outlook remains positive. Buy the stock in dips with tight stop-loss at Rs 835.

ONGC

After encountering resistance at around Rs 800, the stock tumbled almost 9 per cent in the last trading session and it appears to have resumed its downtrend. We recommend a sell.

Reliance Capital

Utilize rallies to sell the stock with stiff stop loss at Rs 672.

Reliance Communications

Fresh short position can be initiated if the stock declines below Rs 214 with tight stop-loss.

Reliance Industries

We recommend a sell in this stock.

Satyam Computer

Initiate fresh short position if the stock breaches Rs 261 with tight stop-loss.

SBI

Desist trading in this counter for the session.

TCS

Initiate short position if the stock reverses from the key resistance level of Rs 551 with tight stop-loss.

(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