Idea
Current price: Rs 69.5
Target price: Rs 63
The scrip has started losing momentum after a steep climb from 53 to the current levels. If it does react from current levels, the downside target could be about 63. However, it's possible that it could run up for another session or two and it's tough to set an upside target. Keep a tight stop loss at 71.5 and go short. Start booking profits below 65. If the stop is broken, go long with a stop at 71 and an initial target of 74.
Infosys
Current price: Rs 2,890
Target price: Rs 2,825-2,925 (Range trade)
Infy made an upside breakout when it closed above 2,825 last Friday. It hit a 52-week high at 2,910 just ahead of Q1 results. Today should see a lot of volatility. Infy has the potential to jump to 2,950, but it could also slide till 2,825. So, the trader should be prepared for swings between 2,825 and 2,950. Use 2,870 as a pivot. If the stock opens above 2,870, go long with a target of 2,925 and a stop loss at 2,860. If it opens below 2,870, set a stop loss at 2,880 and go short with a target of 2,835.
Tata Motors
Current price: Rs 790
Target price: Rs 810
The stock seems to have recovered from an intermediate downtrend but it is hitting resistance at 790-795. If it clears 795, an upside till 810 is possible. Keep a stop at 782 and go long. Increase the position between 795 and 798. Start booking profits above 808 because there will be a lot of selling pressure above 808-810. On the downside, there’s a lot of support between 770 and 780.
The target price and projected movements given above are in terms of the next one trading session unless otherwise stated