love_gundu22
Praveen Gurwani
The markets were trading weak throughout the day but selling pressure increased during the last half an hour of trade. The major losers on the indices were HDFC, L&T, HDFC Bank, Bajaj Auto, PNB, SAIL and BHEL.
2006-06-20 14:47
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Among stocks to watch, technical analyst, Rahul Mohindar sounds positive about Ranbaxy and Mysore Cements.
This is how technical analyst, Rahul Mohindar views different stocks across the board:
On Jet Airways:
We would term the up move here in terms of corrective ground. We do not spot a long-term up breakout on Jet Airways, neither are we advising any kind of trading or investment call here as of now.
On Ranbaxy Laboratories:
Ranbaxy Laboratories typically had a good support around Rs 340-350. So definitely, it is a bounce that we are seeing from here. In terms of potential for long-term, of course, Ranbaxy technically would gain more ground. On the short-term too, Ranbaxy could run up to about Rs 390 levels. So our outlook is positive on both long and short-term for Ranbaxy.
On Dr. Reddy’s Laboratories:
We would see more of a sideways to an upward sense in Dr. Reddy’s Laboratories.
On Tata Teleservices (Maha):
Rs 22 was some kind of a resistance for this stock. The major dissector in terms of positive and negative range for Tata Teleservices Maharashtra has been Rs 24.5. And ever since that stock has broken the Rs 25-24.5 range, it’s been under pressure.
So there is going to be some resistance, selling closer to the Rs 24-25 level. So that is a point, where if one is really concerned about the short-term timeframe one can move out.
On Infosys Technologies:
We are not looking at newer lows coming in stocks like Satyam Computer Services or Infosys Technologies. So the bottoms they made about a week or two back should hold on and one should possibly invest in lower levels.
On Mysore Cements, Bajaj Hindustan:
If one is looking at a one-year time horizon, I think Mysore Cements at these levels, which is at Rs 40, is a great support for the stock.
Rs 365 is a trend decider for Bajaj Hindustan.
On SBI:
If one looks at State Bank of India, the stock would really break into levels much lower than Rs 700. The short-term is definitely negative. I would say it is one of the weaker spaces in the short-term.
On ABB:
We are not recommending anything, but an exit at these levels for ABB. I think one has to do a lot more waiting and patience will pay finally.
Disclosures:
No specific positions in the stocks I recommended today.