AMBUJA CEMENT
Current: Rs 132,
Target: Rs 137
High volumes accompanied an upside breakout. The stock will test resistance at 133-14 again and it could rise till around 137 if the resistance is broken. Keep a stop at 129 and go long. Increase the position between 134-135 and reset the stop to 133. Book profits above 137.
BANKNIFTY
Current: 10,852, (March futures: 10,909),
Target: 10,700
The financial index has been range-trading 10700-11000 for the past 10-odd sessions. It's on the downwards part of that movement now and likely to test support at 10700 inside two sessions. Keep a stop at 11000 and go short. Add to the position between 10800-10825. Start booking profits below 10725.
SAIL
Current: Rs 159,
Target: Rs 154
The stock may be developing a falling wedge formation with a short-term downside till 153-154. It saw some short-covering but not enough to clear resistance at 160-161. Keep a stop at 161 and go short. Increase the position between 156-157. Start booking profits below 155.
(The target price and projected movements given above are in terms of the next one trading session)
