ACC
Current price: Rs 163
Target price: Rs 195
The above projection of Rs 195 is a long-term target. The stock has nearly completed a bullish formation. A close above Rs 165 will trigger a move to around Rs 195. There is fairly heavy resistance all the way to that level.
A stop at Rs 155 would be prudent although it's a little tight in a volatile market. Book partial profits at Rs 180 - that is a more realistic target for next week.
Hughes Software
Current price: Rs 187
Target price: Rs 210
This is among the safest looking of the IT stocks that have moved speculatively this week. The move started more than a month ago and a reasonably reliable bullish formation has been created with a breakout on Friday. A stop loss at Rs 177 is essential. There isn't much resistance between current price and the projected targets.
NIIT
Current price: Rs 166
Target price: Rs 195
The software major has seen a lot of hammering this year. It seems to be seeing renewed investor interest. The stock has climbed steadily from Rs 115 level in late October.
It has completed a bullish formation and the projected target would be around Rs 195 or more. However the trend is not very sharp and volumes have not expanded a great deal. It would be prudent to stop loss at Rs 156 and also to be prepared to hold for around three weeks.
Tata Tea
Current price: Rs 174
Target price: Rs 185
The stock has moved up from a low of Rs 145 on extremely good volumes. It has completed a formation with a potential target around Rs 205.
However there is also strong resistance in the Rs 180-185 zone and it's quite likely that the stock will get stuck there. The long-term trend seems to have changed to positive - the stock has climbed above its own 200 DMA and held its ground. Maybe worth holding for the long-term. Keep a stop around 165.
Videocon
Current price: Rs 32.9
Target price: Rs 38
The stock saw huge volumes on Friday at both NSE and BSE and it rose decisively past a strong resistance at Rs 30. It has completed a bullish saucer formation with a potential target in the Rs 38-40 range. There is strong resistance above those levels so book at least partial profits at Rs 38-plus. Keep a stop at Rs 30.
