Micro Technicals

Satyam Computer

Current price: Rs 221.95

Target price: Rs 236

The stock has seen heavy volumes and held at a support of Rs 210-215 under fire. It could force its way up because buyers seem to have absorbed all the selling. But there is too much resistance between Rs 237 and Rs 245 for the stock to realistically expect it to move further against the market trend. It seems a fairly good long-term shot as well.

Telco

Current price: 132

Target Price: Rs 125

The scrip has seen heavy selling in the past week. It has clear targets because of the previous chart formation. Using Fibonacci ratios, we get a possible target at Rs 120-125. We get the same reading looking at the charts and expect a downtrend from the previous support of Rs 145. There is, however, strong support at Rs 130 and the stock could hold there.

HDFC Bank

Current price: Rs 210.95

Target Price: Rs 235

The scrip showed strong volumes the instant the rate cuts were announced. However, it also has a lot of sellers in the Rs 210-215 band. If it clears resistance at Rs 215, the stock could swing up to Rs 220. If it clears Rs 220, the scrip will probably make it to the Rs 235 mark. It looks like an excellent defensive holding.

Zee Telefilms

Current price: Rs103.30

Target price: Rs 125

The scrip seems to have bottomed after discounting a lot of the bad news. It should typically bounce higher in the next few sessions. There are successive targets at Rs 125 and Rs 140 and Zee is the sort of momentum stock that can almost certainly exceed the first target. Oddly, the stock has stayed out of sync with the rest of the ICE sector, and it could move against the market even in a downtrend. Keep a stop loss at Rs 105.

NIIT

Current price: Rs 167.75

Target Price: Rs 155

NIIT still looks like a possibly lucrative short. The target at Rs 155 is likely to be exceeded and there is a case for arguing that the scrip could fall all the way into double digits. But without going that far, the target at Rs 155 look pretty marked. The scrip has broken a long-term trading range and it has done so with much higher volumes. Keep a stop loss at Rs 210 if you decide to go short. Value investors should wait for at least the Rs 155 target.