Tata Steel
Current price: Rs 497
Target price: Rs 480
The stock saw significant selling yesterday and it could stay under pressure at least for the first part of today's session. There is support around Rs 480 but that may be tested. On the other hand, a burst of short-covering could pull the stock back till the Rs 505-510 mark. Keep a stop at Rs 502 and go short. Increase the position between Rs 490 and Rs 493 and reset the stop to Rs 495.
Idea
Current price: Rs 70.55
Target price: Rs 73.5
The stock has bounced on a sharp volume expansion. It also has a high delivery ratio, which could mean the move is backed by more than settlement-based speculation. A target of Rs 73-74 is possible, maybe even Rs 75. Keep a stop at Rs 69 and go long. Increase the position between Rs 72 and Rs 73. Start booking profits above Rs 73.5
Unitech
Current price: Rs 80.5
Target price: Rs 76
The stock is in the middle of a correction that could continue till around the Rs 76 mark. Keep a stop at Rs 81.5 and go short. Increase the position between Rs 78 and Rs 79 and reset the stop to Rs 80. Start booking profits below Rs 76.5 If the stock does break the Rs 81.5 stop loss, consider going long since it could then have an upside till around the Rs 84 mark.
The target price and projected movements given above are in terms of the next one trading session unless otherwise stated