The Hindu Business Line : Upside likely in SBI

The stock ruled firm and also moved comfortably past the target zone of the Rs 885-890 range. After touching a high of Rs 909.5 on Wednesday, the stock has moved into a sideways trend. The stock appears to have room to be covered on the upside. A move to the Rs 945-950 range appears likely. The price pattern in the long-term charts is quite bullish as well. The stock may be accumulated by long-term investors on price weakness. Shareholders may remain invested with a stop-loss at Rs 850.

Reliance Ind (Rs 764.5): In line with expectations, the stock ruled firm and also moved closer to the target zone of the Rs 775-780 range. The stock appears on course to move to this target zone shortly.

The positive view would be negated on a close below Rs 730. Long-term investors may hold with a stop-loss at Rs 730. Fresh exposures may also be considered on price weakness, with a stop-loss at Rs 730.

A close below the stop-loss level would warrant dilution of holdings. At the moment, only a close below Rs 680 would negate the positive outlook.

Tata Steel (Rs 421.9): The price action was in sync with expectations. A bullish trend prevailed last week and the stock moved to the target zone of Rs 420-422. As observed last week, a close above Rs 422 would impart strength. On the other hand, a drop below Rs 395 would have bearish implications. Stop-loss for long positions may be placed at Rs 395. Fresh exposures may be deferred.

Satyam Computer (Rs 542.1): The stock moved closer to the target zone of Rs 555-560 on Wednesday and turned weak subsequently. The near-term trend remains bullish and the share price could move to the Rs 565-570 range shortly. The positive view would be valid as long as the price trades above the stop-loss level of Rs 520. Fresh exposures may be considered on a move above Rs 555, with a stop-loss at Rs 530.

Infosys (Rs 2,449): The price action was devoid of any momentum. The stock was confined to a trading zone during the week. A move to the immediate target zone of the Rs 2,650-2,700 range continues to be the preferred view. A close above Rs 2,480 would confirm the possibility of a rally to the target zone. Hold with a stop-loss at Rs 2,350. Fresh exposures may also be considered on break above Rs 2,480, with a stop-loss at Rs 2,350.

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Opto Circuits (Rs 225.7): The stock was confined to a trading range last week. This, however, has not negated the positive outlook. As observed last week, the stock is in a long-term uptrend. A move to Rs 290-300 appears likely in the near term.

The long-term bullish outlook would be negated on a close below Rs 155. Short-term traders may settle for a stop-loss at Rs 200. Investors willing to take risk may consider stop-loss at Rs 200 for a portion of the holdings and Rs 150 for the balance. Fresh exposures may be considered on price weakness, with a stop-loss at Rs 200.

Mid-day Multimedia (Rs 109.6): The price action was in line with expectations. The stock ruled weak initially. It, however, managed to hold above the negative trigger level of Rs 99. The share price managed to move above the positive trigger level of Rs 110 on Friday.

As a result, the near-term trend has also turned bullish. A move to the first target zone at the Rs 135-140 range appears likely. Investors may hold with a stop-loss at Rs 99. Fresh exposures may also be considered with a stop-loss at Rs 99.

The positive outlook would be in force till such time the stock rules above Rs 88. A close below Rs 88 would warrant liquidation of long positions, as the stock could get into a bearish phase.

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