BankNifty
Current Price: 11,128 (Jan futures 11,153.95),
Target Price: Rs 11,350
The financial index has swung sharply from a bottom in the 10,650 zone. It could have enough momentum to move till around 11,350 today though this looks like a correction inside a downmove. Keep a stop at 11,050 and go long. Add to the position between 11,250 and 11,275 and reset the stop to 11,200. Book profits above 11,350.
L&T
Current Price: Rs 1,760,
Target Price: Rs 1,720
The stock is in a steep downtrend on high volumes and likely to test support at Rs 1,710-1,720 today. Keep a stop at Rs 1,780 and go long. Increase the position between Rs 1,740 and Rs 1,750 and reset the stop to Rs 1,755. Start booking profits below Rs 1,725.
Tata Steel
Current Price: Rs 649,
Target Price: Rs 675
The stock seems to have found a temporary bottom at Rs 640-650 and it could be due for a bounce. There’s little resistance till around the Rs 675-680 mark so that could be a target. Keep a stop at Rs 642 and go long. Increase the position between Rs 655 and Rs 660. Above Rs 672, start booking profits. If Rs 640 is broken, the stock could fall till Rs 620.
(The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated)
