ONGC
Current price: Rs 310,
Target price: Rs 325
The stock has strong resistance between 313-318. If it breaks that, it could rise till 325-330 in the next 3 sessions. On the downside, it could fall till 290. Keep a stop at 303 and go long. Increase the position between 318-320 and reset the stop to 313. Book profits above 325. If the 303 stop is broken, consider a short with a target of 290 and a stop loss at 308.
TATA STEEL
Current price: Rs 590
Target price: Rs 570
The scrip made a downside breakout on high volumes. It could have a target of 565-570 in the next 3-5 sessions. Keep a stop at 597 and go short with a 3-session target of 570. Increase the position between 580-585 and reset the stop to 590. Start booking profits at 570.
RCOM
Current price: Rs 94.35,
Target price: Rs 89
There is some key support at 93 but if that is broken, the stock is likely to slide till 88. On the upside, there's a band of resistance between 96-98. Keep a stop at 96 and go short. Add to the position between 91-93 and reset the stop to 94. Book profits at 89. If 98 is broken, consider going long with a target of 103 and a stop at 96.
HDFC
Current price: Rs 663,
Target price: Rs 635
The stock has made a downside breakout and it could have a 3-session target of 635. Keep a stop at 675 and go short. Increase the position between 645-655 and reset the stop to 660. Start booking profits below 635. On short-covering, the stock could move back till 695-700 so there is also a potential long position if it climbs above 675.
HCL TECH
Current price: Rs 499
Target price: Rs 480
The stock has made a downside breakout. It has some support between 495-500. If that is broken, it could fall till around 480 today. The chart pattern suggests that a drop to 465 is possible in the next 3-5 session. Keep a stop at 507 and go short. Increase the position between 488-493 and reset the stop to 495. Book profits at 480.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
