Hindalco
Current price: Rs 144.5
Target price: Rs 152
The stock seems to have bottomed post-correction. It has a potential upside till around Rs 152 on the next bounce, which could occur within two sessions. With that timeline and target, go long with a stop-loss at Rs 141. Beyond Rs 147, increase the position. Start booking profits above Rs 151. On the downside, if Rs 140 is broken, the stock could fall till Rs 133.
BankNifty
Current level: 9,489
Target price: 9,650
The July future was settled at a considerable premium to the spot (9,464). The financial index has bounced after several weak sessions. However, it is not quite clear whether the downtrend is over or if this is a temporary respite. But the formation looks promising and a move above 9,500 would signal a new uptrend. Keep a stop at 9,425 and go long. Increase the position above 9,525. On the upside, a target of 9,650 is possible.
The target price and projected movements given above are in terms of the next one trading session unless otherwise stated
