GTL Infra
Current price: Rs 47
Target price: Rs 52
The stock has shot up on exceedingly high volumes on news of the tower deal with RCom arm R-Infratel. The chart pattern shows a breakout above Rs 44, which should lead to a target of somewhere between Rs 51 and Rs 52. The dangerous aspect is that there is very little support above Rs 45. So, there could be a substantial downside on a correction. Keep a stop at Rs 46 and go long. Increase the position between Rs 48 and 49 and start booking profits above Rs 51.
ONGC
Current price: Rs 1,305
Target price: Rs 1,270-1,330 (range-trade)
The stock has responded positively to the price decontrol. It has resistance above Rs 1,330. However, it could react from that level till about Rs 1,265. Use the Rs 1,300 level as a stop-loss and a pivot. Go long with a target of Rs 1,330 if ONGC opens above Rs 1,300. If it opens below Rs 1,300, go short with a target of Rs 1,270. Reverse the position if the stop-loss is broken in either direction.
RCom
Current price: Rs 201.65
Target price: Rs 212
The stock has jumped past resistance at Rs 192 on high volumes. The chart pattern suggests it is somewhat over-bought, but it could run up till around the Rs 210-215 level. Keep a stop at Rs 197 and go long. There is some resistance at Rs 207-208. So, a day-trader should probably book profits at that point. If you’re holding a futures position with a three-session perspective, reset the stop-loss to Rs 205 and hold with a target of Rs 212.
The target price and projected movements given above are in terms of the next one trading session unless otherwise stated
