Sterlite Industries
Current price: Rs 176
Target price: Rs 182
The stock has developed strong volume action and a promisingly bullish formation in the last three sessions. It has a potential target in Rs 182-185. Keep a stop at Rs 174 and go long. Increase the position in Rs 177-179 and reset the stop to Rs 175. Start booking profits above Rs 182. If it can be held till settlement, a move beyond Rs 185 looks possible. On the downside, if Rs 174 is broken, it could drop till Rs 170.
Cairn
Current price: Rs 323
Target price: Rs 332
The stock rose on high volumes. It could have an upside till Rs 340 by the end of settlement. However, in Friday’s context, a price of Rs 332-335 is more likely. There’s also significant downside risk. Keep a stop at Rs 319 and go long. Increase the position to Rs 326-328. Start booking profits above Rs 332. If the stop at Rs 319 is broken, it could drop till Rs 313.
The target price and projected movements given above are in terms of the next one trading session unless otherwise stated