The Hindu Business Line : Marginal upside in Reliance

There is marginal upside extending up to the Rs 855-860 range. The recent move appears to be slightly overstretched and the stock could get into a corrective phase shortly. A drop to Rs 825-830 could materialise. Remain invested with a stop-loss at Rs 830.

SBI (Rs 909): The price movement over the past few days was in accordance with the last week's expectations. The stock resumed the uptrend on the completion of the expected decline to the Rs 885-890 range. After moving slightly below this range, the stock staged a strong comeback. The outlook is positive and a move to the next resistance level at Rs 955-960 appears likely. Remain invested with a stop-loss at Rs 870. Fresh long positions may be considered on price weakness, with a stop-loss at Rs 870. Exposures may be enhanced, with a suitable stop-loss, on a close above Rs 925.

Tata Steel (Rs 344): Contrary to the expected positive trend, the stock ruled weak and also breached the negative trigger level at Rs 358. As it is normally the case, the breach of the negative trigger level resulted in a sharp move in the direction of the breakout. The stock subsequently dropped to a low of Rs 338 on Friday. The near-term outlook is weak and a drop to the Rs 320-325 range appears likely. Hold with a stop-loss at Rs 335. Fresh exposures may be avoided.

Satyam Computer (Rs 657): As anticipated, a bearish trend prevailed in the early part of the week. The trend turned bullish since Wednesday. The short-term outlook is positive and a move to Rs 690-700 appears likely. Hold with a stop-loss at Rs 620. Fresh exposures may be considered on weakness, with a stop-loss at Rs 620. The positive outlook would be in force as long as the stock holds above Rs 620.

Infosys (Rs 2,745): The stock ruled weak and moved closer to the target zone of Rs 2,640-2,650 before resuming the uptrend. After touching a low of Rs 2,662, the stock has recovered ground in the last couple of trading sessions. Hold with a stop-loss at Rs 2,650.

The stock appears to be headed towards the Rs 2,800-2,820 range.

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G.E. Shipping (Rs 229): After a short-term correction in the early part of the week, the stock appears to have commenced the next leg of the upward rally on Friday. The stock appears on course to move to the target zone of Rs 245-250 mentioned last week.

Long-term investors may hold with a stop-loss at Rs 190. Fresh exposures may be considered with a stop-loss at Rs 215. Exposures may be enhanced on a close above Rs 234. Partial profit-booking may be considered on the evidence of resistance at Rs 245-250. Investors willing to wait for at least six months may find opportunities to exit at levels beyond Rs 300.

Venus Remedies (Rs 236): The stock ruled weak, contrary to the expected upward move. This has, however, not negated the bullish outlook for the stock. The expected short-term correction has materialised ahead of our expectations. The long-term uptrend would resume on the completion of the corrective phase that the stock is presently in.

The stock appears on track to the first target zone at the Rs 275-280 range. Investors may consider long positions now and on declines, with a stop-loss at Rs 215. As observed last week, those willing to play the waiting game may get opportunities to exit at the Rs 345-350 range.

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