ICICI Bank
Current price: Rs 1,037
Target price: Rs 1,000
The stock is interestingly poised. It rose on very low volumes to the current levels and, if it crosses 1,045, it could rise till 1,070. However, if it cannot cross 1,045, it could drop back to 1,000. Keep a stop at 1,045 and go short. Increase the position between 1,020 and 1,025. Start booking profits below 1,002.
Nifty
Current: 5519 (Feb Futures 5,528, March Futures 5,547)
Target: NA
The Nifty has resistance at 5,550, support at 5,450. Breakouts could go till 5,625 — 5,475 in one session and till 5,300; 5,700 by settlement (Feb 24). A CTM strangle of long Feb 5,600c (Premium 15) and long Feb 5,500p (29) costs 44 with breakevens at 5,356 and 5,644. This is fair if held till settlement.
ONGC
Current price: Rs 276,
Target price: Rs 285
The stock has bounced on decent volume expansion. It's difficult to judge volumes, or price targets, given the recent stock split. ,But it could test resistance at 285. Keep a stop at 269 and go long. Increase the position between 278 and 281. Start booking profits above 285.
(The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated)
