ICICI Bank
Current Price: Rs 1,014,
Target Price: Rs 980
The stock has made a downside breakout on volume expansion and it could fall further till around the Rs 975-980 level. Keep a stop at Rs 1,030 and go short. Increase the position between Rs 990 and Rs 1,005 and reset the stop to Rs 1,010. Start booking profits at Rs 980.
Reliance Industries
Current Price: Rs 1,033,
Target Price: Rs 1,060
The stock has been sold down to a support between Rs 1,020 and Rs 1,040. It could be due for a bounce till around Rs 1,055-1,065 on short covering. Keep a stop at Rs 1,025 and go long. Increase the position between Rs 1,045 and Rs 1,050 and reset the stop to Rs 1,035. Above Rs 1,060, start booking profits. If Rs 1,020 is broken on the downside, it will fall to Rs 1,000 before it hits support.
Tata Motors
Current Price: Rs 1,177,
Target Price: Rs 1,210 The stock has seen a lot of selling but it seems to have landed at a reliable support between Rs 1,155 and Rs 1,175. On the upside, it could bounce on any short-covering till around the Rs 1,205-1,220 mark. Keep a stop at Rs 1,065 and go long. Increase the position between Rs 1,185 and Rs 1,195 and reset the stop to Rs 1,180. start booking profits above Rs 1,210. If the Rs 1,165 stop is broken and the stock drops below Rs 1,155, it will have a downside till Rs 1,100.
