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B. Krishnakumar

ONGC (Rs 716.3): The price action last week was not strong enough to push the stock out of the recent trading range. The buoyancy in the last couple of days has imparted short-term positive trend. A break above Rs 732 would impart positive trend and could push the stock to the Rs 760-770 range. Traders willing to take risk may take long positions on a move past Rs 732, with a stop-loss at Rs 700. Shareholders may remain invested with a stop-loss at Rs 675.

HLL (Rs 116.2): The sentiment towards the stock was dented following the announcement of a rather lacklustre quarterly performance. The company recorded a sharp drop in earnings, resulting in a weak trend in the last couple of days. As observed in earlier weeks, the stock appears on course to test the Rs 100-mark. Drop below this level could pave for a slide to the Rs 65-70 range. A sharp upward move may be expected after the completion of the ongoing leg of decline.

Infosys (Rs 1553.8): As anticipated, the move above Rs 1500 imparted buoyancy and pushed the stock to a high of Rs 1565 on Friday. The stock is nearing a key resistance level and is also moving into a short-term bought region. A correction or at least a sideways price movement may be expected once the stock moves to the Rs 1585-1590 range. Stakeholders may look to reduce exposures on weakness at the Rs 1590-1600 range.

Tata Motors (Rs 423.2): The near-term trend appears bullish and a move to the Rs 448-453 range appears likely. Remain invested with a stop-loss at Rs 410. Short-term traders willing to take risk may take long positions once the price moves above Rs 427. Stop-loss for fresh long positions may be placed at Rs 403. Partial profit booking may be considered on weakness around the Rs 448-450 zone.

Reliance Ind (Rs 489): The company reported an improved performance for the quarter ended June 2004 last week. As a result, a bullish trend prevailed during the week pushing the stock to the earlier mentioned target zone of Rs 480-482. The near-term trend is positive and a move to the Rs 500-505 range appears likely. The Rs 505-507 range is likely to act as a resistance zone. Weakness around this level would warrant either profit booking or partial liquidation of holdings. Price reversal around this resistance zone could push the stock down to the Rs 455-460 range.

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