Range trading ahead

MACRO TECHNICALS

 The stock bottomed out at around 345 and it has started picking up with a rise in volumes. There is strong resistance at 365. If it crosses the 365 level, BPCL could have a target in the range of 385-390. Keep a stop at 349 and go long.  CMC
Current price: 685
Target price: 705

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 The stock bottomed at 640 and has started moving up on high volumes. It faces a strong and critical resistance at 700-705. If it crosses the 705 barrier, the stock will have a potential target in the region of 750 with another bout of selling pressure at around 725. Go long, keep a stop at 670, and book partial profits at 705. The wide intra-day range makes the stock a little dangerous.  HDFC BANK
Current price: 406
Target price: 415, 440

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 The stock has performed a bottoming formation and then started to move up on slightly higher volumes. It is likely to hit resistance at around 415. If it crosses that barrier, the stock would probably rise till around the 440 mark. Keep a stop at around 395.  INDIAN HOTELS
Current price: 446
Target price: NA

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 The stock has completed a bullish saucer formation on high volumes. It should have a target of around 470. Keep a stop around 440. The long-term prospects look excellent; it is possible that the stock will move till about the 525 level, given about 3 months. Hence, it may be worth taking a delivery position and holding it for about 10-12 weeks.  KOCHI REFINERIES
Current price: 193
Target price: 196, 220.

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 The stock has seen energetic buying in the last couple of sessions. It is close to completing a bullish formation. If the stock closes above 196, it could have a target of about 220. Either wait for a close above 197, or buy now and keep a stop at about 188. May also be worth holding for the long-term - it has a probable 3 month target of around 250.  (The target price and projected movements given above are in terms of the next five trading sessions unless otherwise stated.)