Financial Daily from THE HINDU group of publications
Sunday, Nov 24, 2002
Financial Daily from THE HINDU group of publications Sunday, Nov 24, 2002 |
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Investment World
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Stock Markets Markets - Commentary Book profit in Satyam B. Krishnakumar
NIFTY (1020.15): The index witnessed a strong uptrend during the week gone by. As anticipated, the index touched the target zone of 1015-1020 mentioned last week. As of now, the near-term trend continues to remain positive. Existing holders of long positions could remain invested with a stop loss at 1000. Intermittent weakness could be used to take long positions in the index. ITC (634.3): The price movement in the scrip was right in line with last week's expectations. The share price of the company touched the price target of the Rs 630-635 range mentioned last week. The near-term outlook continues to remain positive. Existing holders could remain invested and use price move to the Rs 650-660 band to reduce exposures. Fresh buying may be considered on a move above Rs 639 with a stop at Rs 630. Hindustan Lever (Rs 163.55): The near-term trend in the scrip would be determined by the price movement in the next few days. A close past Rs 167 would impart short-term uptrend and would warrant initiation of fresh long positions. On the other hand, a drop below Rs 160 would warrant closure of existing long positions and initiation of fresh short positions. For the moment, existing holders of the stock could remain invested with a stop loss at Rs 160. Infosys Technologies (Rs 4,640): The price movement in the scrip was right in line with last week's expectations. As anticipated, the scrip ruled distinctly strong and also managed to move to the target price of Rs 4,750-4,800 mentioned last week. After touching a high of Rs 4,672.7, the share price of the company closed slightly lower at Rs 4,640 on Friday. The near-term outlook continues to remain positive with a move past Rs 5,000 being a distinct possibility. All long positions would warrant a stop loss at Rs 4,400. Satyam Computers (Rs 270.3): Similar to Infosys, the share price of Satyam too ruled firm in line with earlier expectations. As anticipated, the scrip reversed direction right at the target zone of Rs 275-280 mentioned last week. After touching a high of Rs 277.4, the share price of the company turned a bit weak on Friday. Existing holders could book profit and contemplate re-entry at around Rs 260. Fresh buying may be considered once the scrip moves past Rs 280.
(Note: The analysis and opinion expressed in these columns are based on the technical analysis of the past price behaviour. Analysis and price targets are based on the Elliott Wave Analysis. There is a risk of loss in trading)
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