HINDALCO
Current price:
Rs 212.5,
Target price: Rs 203
The stock has made a sharp recovery after hitting successive lower lows. It's long-term trend may still be negative and it's running into resistance between 213-215. If it breaches 215, it could test 219. If it cannot beat 215, it might slide back to 203. Keep a stop at 215 and short, with a target of 203. Increase the position between 207-209. Clear the position at 203. If the 215 stop is broken, reverse and go long with a target of 219 and a stop at 212.
IDFC
Current price: Rs 153.5
Target price: Rs 159.5
The stock has jumped on excellent volumes and another good session could propel it to 160. Keep a stop at 150 and go long. Add to the position between 155-157. Start booking profits above 159. If the 150 stop loss is broken IDFC may fall till 146 so consider a double-minus position.
M&M
Current price: Rs 664
Target price: Rs 705
The stock has rallied on a big volume expansion. However,. it has strong resistance between 670-680. If it crosses 680, it could run up till 705-710. If there's a pullback, it will consolidate between 640-665. Keep a stop at 650 and go long. Add to the position between 680-685. Start booking profits above 705. If the 650 stop is broken, consider accumulation between 640-650 with a 3-session target of 680.
(The target price and projected movements given above are in terms of the next one trading session)
