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B. Krishnakumar

Moser Baer (Rs 202): The near term outlook appears weak. A drop to Rs 150-Rs 160 range appears likely. Remain invested with a stop loss at Rs 195 and use intermittent upswings to reduce exposures.

Evidence of support at about the Rs 145-Rs 150 range may be used to take limited exposures.

HPCL (Rs 345): There is a risk of a drop to Rs 280-Rs 290 range. A close below Rs 335 would impart weakness and may pave way for a drop to Rs 280-Rs 290 range. Remain invested with a stop loss at Rs 335 and dilute holdings on price upmoves.

Follow-up

Hughes Software (Rs 517): The stock failed to hold above the positive trigger price of Rs 530. After a break past Rs 530, it immediately dropped below this level on Thursday.

This has effectively negated the short-term positive outlook. Remain invested with a stop loss at Rs 500. Drop below this level would warrant reduction of holdings in the company. Buying may be avoided for the moment.

ICICI Bank (Rs 259.7): The stock lacked momentum to take it past the positive trigger level of Rs 280. The failure to move past the trigger price and the subsequent weakness has negated the earlier bullish view.

The stock could drop to the support level at Rs 240. Existing holders may have a stop loss at Rs 240. Fresh long positions may be avoided.

A drop below Rs 239 would warrant dilution of exposures in the stock.

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