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B. Krishnakumar

Bank of Rajasthan (Rs 68.6): The outlook is bullish. The stock appears to have completed a segment of the upward move at the high of Rs 54.5 in May 2004.

The subsequent downward move would qualify as the correction to the earlier rally. The corrective phase was completed at Rs 28.7 in August 2004.

In Elliott Wave parlance, the stock commenced the next leg of an "impulsive" move at the low of Rs 28.7. Wave 1 to Wave 3 has been completed and the stock appears to have just commenced Wave 5 which could take the stock to the target zone of Rs 82-85 range. Hold with a stop-loss at Rs 57.

Fresh buying may be considered on price weakness with a stop-loss at Rs 57. Alternatively, long positions may also be considered on a close above Rs 71, with a stop-loss of Rs 60 (on closing basis).

Jindal Saw (Rs 284.6): The stock has moved past the earlier mentioned (edition dated January 30) target zone at Rs 278-280. The stock appears to have embarked on the next segment of its upward journey. A move to Rs 320-325 range appears likely. Hold with a stop-loss at Rs 258.

Long positions may also be considered on price weakness with a stop-loss at Rs 258. Investors willing to take risk may consider long positions at prevailing levels with a stop-loss at Rs 262. The positive outlook would be negated if the stock closes below Rs 240.

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