ICICI Bank
Current price: Rs 848
Target price: Rs 820
The stock has made some recovery on short-covering. It has support between Rs 805 and Rs 825. It's likely to test at least the upper end of that zone. Keep a stop at Rs 855 and go short. Increase the position between Rs 835 and Rs 839. Start booking profits below Rs 820. If the Rs 855 stop-loss is broken, the upside target could be Rs 875.
Tata Steel
Current price: Rs 485
Target price: Rs 505
The stock is still in the process of creating a temporary bottom. Prices seem to have stabilised with high volumes. A pullback to the Rs 500-level is possible, maybe even to the Rs 505-510 range. Keep a stop at Rs 475 and go long. Above Rs 500, reset the stop loss to Rs 495 and book partial profits.
The target price and projected movements given above are in terms of the next one trading session unless otherwise stated