October 18, 2010, Single Stock

Bharti - Bharti fell sharply justifying our decision not to go long. We will wait and watch before taking a new position.
Trading Strategy: Play for resistance/support breaks or bounces
Supports: 331, 314
Resistances: 348, 485

Infosys - Infy made an engulfing candle. It was a higher high and a lower low. We will stay long.
Trading: Stay long, with stop loss at 3037. Keep stop losses strict.
Supports: 2750, 2716, 2668
Resistances: 3000

RIL - RIL made a lower high and a lower low. It fell sharply and we hit our stop loss and closed our position. We will wait and watch before taking a new position.
Trading Strategy: Play for resistance/support breaks or bounces.
Supports: 952, 922, 900
Resistances: 1100, 1150

SBIN - We are also going to look at State Bank of India from today. SBI has been in a long term up move starting from 1863 on Feb 5, 2010. It has currently moved far above the upmove trend line and hence is pulling back. We will wait to see if it breaks the trend line and hence the long term tren or if the move down for the last two days is just a correction. In the the short term we expect it to move down. So we will go short.
Trading Strategy: Go short with a stop loss at 3325.
Resistances: 3325
Supports: 3043