Powergrid
Current price: Rs 105
Target: Rs 109
The stock has made an upwards breakout on strong volume. It has a chart pattern that suggests it could reach Rs 108-109. Keep a stop at Rs 103 and go long. Increase the position between Rs 107 and Rs 108 and reset the stop loss to Rs 106.5. Start booking profits beyond Rs 109. It’s possible that this is the start of a trend reversal that could push it till Rs 225, so traders could consider a 5-session position a target of Rs 115.
ITC Current price: Rs 157.5
Target: Rs 162
The stock seems to have consolidated after its recent split and its capable of moving up till around Rs 162. Keep a stop at Rs 155 and go long. Increase the position between Rs 159 and Rs 160 and reset the stop loss to Rs 158. Start booking profits beyond the Rs 161 mark. Note that there is an extra degree of uncertainty due to the recent split.
The target price and projected movements given above are in terms of the next one trading session unless otherwise stated
