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B. Krishnakumar

ITC (Rs 762.8): After being confined to a narrow trading range, it managed to stage a sharp rally in the past few days. The near-term outlook appears positive with a move towards the Rs 810-820 range being a distinct possibility. A move above Rs 780 would confirm the uptrend. On the other hand, a drop below Rs 750 would blunt the positive outlook and could push the scrip back to the narrow trading range. Existing holders could remain invested with a stop loss at Rs 749.

HLL (Rs 177.7): While the overall outlook appears positive, the price movement in the next few days would determine the near-term trend. A close above Rs 190 would indicate a sustained upward move. A close below Rs 170 would impart a short-term downtrend. Existing holders could remain invested with a stop loss at Rs 154. Fresh buying may also be considered with a close stop loss in place once the share price closes above Rs 190.

Infosys (Rs 3,416.7): The stock found considerable resistance around the key bullish trigger level of Rs 3,700 that was mentioned a few weeks ago. The inability of the stock to move past this range and the subsequent decline has imparted bearish trend. While a move to the Rs 3650-3690 range is not ruled out, the stock is likely to drop to lower levels in the near term. A close below Rs 3,340 would have major negative implications and could pave the way for a drop to the Rs 3150-3200 range.

Satyam Comp (Rs 197.8): Similar to Infosys, Satyam too found stiff resistance at the bullish trigger level of Rs 215. Though the scrip may seek higher levels, the overall outlook does not appear too positive. An expanding triangle pattern appears to be taking shape; a sharp decline may materialise on the completion of this pattern. A close above Rs 190 would have negative implications while only a close above Rs 215 would reinstate a positive trend.

Reliance Ind (Rs 358.6): The price movement in the scrip has been in line with expectation. The stock, after touching a high of Rs 369.9, turned weak on Thursday. The overall outlook for Reliance continues to appear positive and a move towards Rs 400 could materialise. Existing holders could remain invested with a stop loss at Rs 345.

Recommendation follow-up

Hind Motors (Rs 17.8): The price movement in the stock has been in line with expectations. As mentioned in earlier weeks, the stock appears on course to move past the price target of Rs 20. Existing holders cold remain invested with a stop loss at Rs 15 while a close above Rs 18.5 could be used to take fresh long positions. The scrip appears to have the potential to move to the revised price target of Rs 23-25.

Bongaigaon (Rs 58.3): As anticipated earlier, the share price of the company managed to move past the Rs 50 mark. The overall outlook continues to remain positive and a move to the Rs 65-68 range appears likely. Taking into account the bullish outlook, existing holders could remain invested with a stop loss at Rs 51.5.

Focus of the week: The focus this week is on Dabur and Flex Industries. Both the stocks have the potential to seek higher levels in the near term. Existing holders could remain invested while fresh buying may also be considered with a close stop loss in place.

Dabur (Rs 66.7): The overall outlook for the stock appears bullish. A move towards the Rs 75-78 range appears likely. Existing holders could remain invested while a move past Rs 69 could be used to take long positions with a stop loss at Rs 62.

Flex Industries (Rs 34.9): The outlook for this stock too appears positive. It could move past Rs 40 in the near term. Only a drop below Rs 30 would be a cause of concern. Existing holders could remain invested with stop loss at Rs 30 while a close above Rs 37 could be used to take long positions.

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