TATA STEEL
Current price: Rs 575,
Target price: Rs 595
The stock has jumped on high volumes. It could correct down to a support of Rs 565 or it could continue up till around Rs 595. The volume expansion leads one to hope that the upside will occur. Keep a stop at Rs 565 and go long. Start booking profits above the Rs 590-mark. If the Rs 565 stop is broken, the stock could slide till Rs 545, so consider the reverse position if that happens.
IDFC
Current price: Rs 183,
Target price: Rs 191
IDFC is recovering from a low of Rs 175 on strong volumes. It has the potential to test resistance at around the Rs 190 mark or slightly higher at Rs 191-192. Keep a stop at Rs 180 and go long. Increase the position between Rs 185 and Rs 186.5. Start booking profits above Rs 190.
RELIANCE
Current price: Rs 953,
Target price: Rs 980
RIL has developed a bullish formation of higher lows with the recent bounce accompanied by strong volume expansion. It has some resistance at Rs 960-965, but it could break that and rise till around Rs 980 if there’s another strong session. Keep a stop at Rs 945 and go long. Above Rs 965, increase the position and reset the stop-loss to Rs 960. Clear the position above Rs 978.
(The target price and projected movements given above are in terms of the next one trading session unless otherwise stated)