Micro Technicals

HDFC Bank

Current Price: Rs 201

Target Price: Rs 185

The stock has shot down suddenly in the last couple of sessions on fairly heavy volumes. It is now close to a long-term support. However if the stock closes below 185, it could continue to travel downwards. Watch the 185 level. If the scrip holds at that support, it will probably move back to around the 200-210 level. If that support is broken, HDFC Bank could drop to around 165. Keep a stop loss at 215 if you sell.

Jindal Steel

Current Price: Rs 274

Target Price: Rs 350

The above projection is a long-term target, not our usual weekly estimation. The scrip has broken past serious resistance in the Rs 250-255 zone, and on very strong volumes. The long-term charts show a completed saucer formation that took a year to form. This has a target of Rs 350-375 in the near term. The stock should continue moving up but target projections are tough.

Tisco

Current Price: Rs 140.5

Target Price: Rs 148

The scrip is very close to completing a long-term bullish saucer formation. It has a very strong resistance between Rs 145-150, though. If the scrip can cross Rs 150, its next target would be around Rs 220. It is likely. however, that next week's movement will end somewhere in the range of Rs 145-150. The scrip looks more likely to pay off from a long-term accumulation perspective, rather than from short-term speculation.

TVS

Current Price: Rs 507

Target Price: Rs 590

The scrip has moved to a new high and completed an inverted head and shoulder formation in the process. This bullish formation has a nominal target in the Rs 610 range, however, the breakout didn't come with appreciably higher volumes and that could be a sign of failure. If the scrip does fail to climb, it will settle back in the Rs 475-495 range.

VSNL

Current Price: Rs 147.4

Target Price: Rs 134

The scrip was clobbered once news of Worldcom broke. While it is likely to see further panic selling, it may find some support near its all-time lows between Rs 130-135. In an "all-seller" situation, volumes will turn thin. That will be the first sign of a bottoming out. VSNL will probably see some extraordinary action on the F&O front as well.

(The target prices and projected movements given above are in terms of the next five trading sessions unless otherwise stated.)