PowerGrid
Current price: Rs 108.75
Target price: Rs 112
The stock has jumped above its own 200 day moving average on strong volume expansion. This could mean a sustained upmove till 120 inside September settlement. In the short-term of three sessions, it should reach somewhere between Rs 112 and Rs 114. Keep a stop at Rs 106 and go long. Increase the position between Rs 109 and Rs 110. Start booking profits above Rs 112.
Bank Nifty
Current level: 10,747
Target level: 10,500
The financial index is reacting off a high of around 11,100 and the pattern suggests further falls are likely. Over the next five sessions, it is likely to slide till around the 10,500 mark where there is strong support. Keep a stop at 10,850 and go short. Increase the position between 10,650 and 10,675. Start booking profits below 10,550.
Tata Motors
Current: Rs 990
Target: Rs 955
The stock has dropped from a recent high of Rs 1,058. It has some support at Rs 980 but it quite likely to break that support and drop till around Rs 955 in a three-session perspective. Keep a stop at Rs 1,010 and go short. Increase the position between Rs 975 and Rs 980. Start booking profits below the Rs 960 level and clear the position below Rs 955.
