BANK NIFTY
Current: 11,424 (Dec Future 11,456),
Target: 11,650
The BankNifty made higher lows on December 9 (11,043) and December 15 (11,150) and it tested that 11,150 support yesterday to form a bullish double bottom. Assuming another recovery session, the financial index would test the next resistance level at 11,700. Keep a stop at 11,350 and go long. Add to the position between 11,500 and 11,550. Book profits above 11,650.
WIPRO
Current Price: Rs 470,
Target Price: Rs 480
The stock is in a bull run that gained momentum as it made a breakout on high volumes. It could test resistance between Rs 480 and Rs 485 and the chart pattern predicts a target in that region, Keep a stop at Rs 465 and go long. Add to the position between Rs 475 and Rs 477. Start booking profits at above Rs 480.
SAIL
Current Price: Rs 189,
Target Price: Rs 195
The stock’s picked up volumes as its spurted up. It should be able to overcome resistance at Rs 189-190 and to test resistance at Rs 195-197. Keep a stop at Rs 186 and go long. Add to the position between Rs 190 and Rs 191 and reset the stop to Rs 189. Start booking profits above Rs 195.
(The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated)