BankNifty
Current price: 10,931,
Target price: 10,775
The financial index has big resistances between 11,000 and 11,050 and it is likely to slide till 10,750-10,775 if it cannot overcome selling pressure in that zone. Go short with a stop-loss at 11,025. Increase the position between 10,850 and 10,900. Start booking profits below 10,775. If the 11,025 barrier is broken, reverse and go long with a target of 11,125 and a stop-loss at 10,975.
Bharti Airtel
Current price: Rs 335,
Target price: Rs 323
There is major resistance between 335 and 340 and a pattern of range-trading between 320 and 340. The stock is likely to react back to the 320-325 level. However, if it breaks out past 340, there is a target of 355-360. Keep a stop at 340 and short. Increase the position between 328 and 331 and reset the stop to 335. Book profits below 325. If the 340 stop is broken, reverse and go long with a target of 355 and a stop at 335.
ONGC
Current price: Rs 272
Target price: Rs 280
The stock has bounced from a low of about 260 on good volumes. It has some resistance above the current price but it should be able to test targets in the 279-281 zone. Keep a stop at 268 and go long. Increase the position between 274 and 277 and reset the stop to 272. Start booking profits above 279.
(The target price and projected movements given above are in terms of the next one trading session)
