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B. Krishnakumar

ONGC (Rs 738.6): As anticipated, the stock ruled firm last week. It also moved to the target zone of Rs 765-770. After touching a high of Rs 765.8, the stock turned weak on Wednesday. The near-term outlook does not appear promising. A drop to the Rs 710-715 range appears likely. A decline below Rs 730 would confirm the possibility of a drop to the Rs 710-715 range. Hold with a stop-loss at Rs 729. Only a move above Rs 766 would impart strength. Fresh buying may be avoided.

HLL (Rs 120.5): There is no major change in the view expressed in earlier weeks. The downside risk in the stock is limited. The stock has ruled weak in the recent trading sessions. The downward move appears complete. The stock appears set to continue the upward trend, and a move towards the earlier mentioned target zone of Rs 135-140 appears likely. Hold with a stop-loss at Rs 110. Short-term traders may consider long positions on a move past Rs 125, with a stop-loss at Rs 117.

Infosys (Rs 1613.5): The stock moved in line with last week's expectations. A weak trend prevailed and the stock also dropped below the target zone of Rs 1630-1640 mentioned last week. The recent downtrend does not appear complete. The price could decline to the Rs 1575-1580 range. Investors who have entered at lower levels may take partial profits. Fresh buying may be considered at lower levels. Only a close above Rs 1650 would impart strength.

Reliance Ind (Rs 498.7): Contrary to expectation, the stock ruled weak and failed to move towards the projected target zone of Rs 525-530. The near-term trend appears weak and the share price is likely to drop to the Rs 485-488 range. Hold with a stop-loss at Rs 494 and use price rally to reduce exposures. Evidence of support in the Rs 485-488 range or a move past Rs 510 may be used to take fresh exposures.

Tata Motors (Rs 411.5): The stock was confined to a narrow trading zone last week. Though there are no signs of weakness as yet, the trend does not appear positive, too. Only a move above Rs 430 would have positive implications; a weekly close above Rs 440 would impart further strength to this view. Hold with a stop-loss at Rs 385. Fresh buying may be deferred.

(The analysis and opinion expressed in these columns are based on the technical analysis of the past price behaviour. Opinion and price targets are based on the Elliott Wave Analysis. 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)

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