Hindalco
Current price: Rs 165
Target price: Rs 171
The stock saw some focussed buying despite a generally weak market. It could test resistance at the Rs 170-172 level again. Keep a stop at Rs163 and go long. Between Rs 168 and Rs169, increase the position and reset the stop loss to Rs 167. Start booking profits above Rs 171. If the Rs 163 stop loss is broken, there is the possibility of a trend reversal that pulls the stock down to Rs 158.
Tata Motors
Current price: Rs 1,006
Target price: Rs 1,040
The stock has moved from Rs 840 to Rs 1,010 in the last five sessions with a huge volume expansion. As and when there's a reaction, the stock could drop till between Rs 960 and Rs 975. However, Tata Motors is now in a new zone and it could rise till around Rs 1,040 before it reacts. Keep a stop at Rs 995 and go long. Increase the position between Rs 1,020 and 1025 and book profits above Rs 1,040. If the Rs 995 stop is broken, consider going short with a stop at Rs 1,000 and a target of Rs 975.
The target price and projected movements given above are in terms of the next one trading session unless otherwise stated
