Reliance Mediaworks (Rs 224): Sell

Yogananad.D , the famous BL Research bureau analyst, recommends a sell in the stock of Reliance Mediaworks from a short-term perspective. It is apparent from the charts that after encountering significant long-term resistance in the band between Rs 300 and Rs 310 in early October, the stock started to decline and has been on a medium-term downtrend. On November 19, the stock tumbled 4.8 per cent breaking through its short-term support at Rs 250 and 50-day moving average around this level. The stock is hovering well below its 21 and 50-day moving averages. Moreover, it declined 3.5 per cent on Thursday breaching an intermediate-term support at Rs 235, reinforcing the stock's downtrend. The daily relative strength index is featuring in the bearish zone and weekly RSI is slipping in the neutral region. Daily moving average convergence divergence oscillator has signalled a sell and has entered into the negative territory implying downward momentum. We are bearish on the stock from a short-term perspective. We expect the stock's ongoing decline to continue until it hits our price target of Rs 218 or Rs 212 in the upcoming trading sessions. Traders with short-term perspective can consider selling with stoploss at Rs 230.



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DAY TRADING TIPS FOR TODAY 26.11.2010

DLF

We recommend a sell in the counter with tight stop-loss at Rs 298 levels.

ICICI Bank

Utilise rallies to sell the stock with stiff stop-loss at Rs 1134 levels.

Infosys

We reiterate that utilise dips to buy the stock while maintaining tight stop-loss at Rs 3040 levels.

L&T

The stock dropped 3.5 per cent with above average volume on Thursday. We recommend a sell with tight stop-loss at Rs 1955 levels.

ONGC

Fresh short position can be initiated only if ONGC dives below Rs 1219 levels with tight stop-loss.

Reliance Capital

We recommend a sell in the stock with rigid stop-loss at Rs 673 levels.

Reliance Communications

Fresh long position can be initiated only Reliance Communications surges above Rs 140 levels with tight stop-loss.

Reliance Industries

Initiate fresh short position if the stock fails to exceed above Rs 994 levels with stiff stop-loss.

SBI

Initiate fresh short position only if SBI slips below Rs 2800 with tight stop-loss.

Nifty Futures

Fresh long position can be initiated only if Nifty futures move above 5841 levels with tight stop-loss.

DAY TRADING TIPS FOR 23.11.2010

Note: In a buy recommendation, the resistances would be the targets and the nearest support would be the stop loss; In a sell recommendation, the supports would be the targets and the nearest resistance would be the stop loss; The recommendation would be valid for today's trading only.

DLF

Utilise declines to buy the stock with tight stop-loss at Rs 313 levels.

ICICI Bank

Initiate fresh short position if ICICI Bank fails move beyond Rs 1197 levels with firm stop-loss.

Infosys

The stock advanced 2.5 per cent accompanied with above average volume on Monday. We recommend a buy with stiff stop-loss at Rs 3020 levels.

L&T

The stock is moving sideways in a narrow band. Desist trading in the stock for the session.

ONGC

Initiate fresh long position if ONGC surges above Rs 1310 with fixed stop-loss.

Reliance Capital

The stock is experiencing buying interest at lower levels. Make use of dips to buy the stock while maintaining tight stop-loss at Rs 690.

Reliance Communications

Utilise rallies to sell the stock while maintaining rigid stop-loss at Rs 152 levels.

Reliance Industries

We recommend a buy in the stock with stiff stop-loss at Rs 996 levels.

SBI

Fresh long position is recommended only if the counter climbs above Rs 3060 levels with tight stop-loss.

Nifty Futures

Initiate fresh long position if Nifty futures exceeds above 648 levels with stiff stop-loss.

MORE DAY TRADING TIPS FOR TODAY 23.11.10

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SELL - HCL INFOSYSTEMS

Investors with medium-term perspective can consider selling the stock of HCL Infosystems (Rs 97.2), the hardware and system integration company. After encountering long-term resistance in the band between Rs 180 and Rs 190 in October 2009, the stock started declining. Since then, it has been on a long-term downtrend shaping lower peaks and lower troughs. In September 2010, the stock met with twin resistance (downtrend-line and significant long-term resistance) at Rs 130 and resumed its primary downtrend. While declining it breached it's 21 and 50-day moving averages in mid October and is currently trading well below these lines. The stock plunged 9 per cent last week, decisively breaking through a long-term support around Rs 102. Both daily and weekly relative strength indices are featuring in the bearish zone. The monthly RSI is on the brink of entering in to this region from the neutral region. Moreover, the daily moving average convergence divergence oscillator is steadily declining in line with the stock price and is hovering in the negative territory. The weekly MACD which was hovering in the negative territory since August has also signalled a sell.

We are bearish on the stock from a medium-term perspective. We believe that the stock has the potential to decline further to our medium-term price target of Rs 80, following a minor pause around Rs 89. Investors with medium-term time-horizon can consider selling the stock with stop-loss at Rs 107.

DAY TRADING TIPS FOR 22.11.2010

DLF

Fresh long position can be initiated if DLF moves beyond Rs 314 with tight stop-loss.

ICICI Bank

Initiate fresh long position if the stock bounces up from Rs 1130 levels with stiff stop-loss.

Infosys

Fresh short position can be initiated only if Infosys dives below Rs 2950 levels with stiff stop-loss.

L&T

Make use of declines to buy the counter with tight stop at Rs 2028 levels.

ONGC

We recommend a sell in ONGC with tight stop-loss at Rs 1278 levels.

Reliance Capital

Fresh long position is recommended only if Reliance Capital exceeds above Rs 703 with fixed stop-loss.

Reliance Communications

The near-term outlook is bearish for the stock. Make use of rallies to sell the stock while maintaining stiff stop-loss at Rs 151 levels.

Reliance Industries

RIL is testing key support level. Utilise dips to buy the stock with tight stop-loss at Rs 980 levels.

SBI

As long as SBI trades below Rs 3013, the near-term stance stays bearish for the stock. We recommend a sell with tight stop-loss at Rs 3013 levels.

Nifty Futures

Fresh long position can be initiated only if the Nifty futures moves above 5926 levels with tight stop-loss.