Micro Technicals

Wipro

Current Price: Rs 1353

Target Price: Rs 1475

The scrip has risen steadily from the Rs 1065 level along a rising trendline at 40 degrees. There is a resistance at Rs 1400 but it could be overcome fairly easily. More likely the stock will top out around the Rs 1475 level.

Beyond Rs 1475, there would be a full trend reversal and the stock could continue to move upwards till Rs 1600 levels. Worth a buy and hold as well as a short-term trade, perhaps. Keep a stop loss at 1260.

Hindalco

Current Price: Rs 534.55

Target Price: Rs 495

The stock has weakened over a period of several months and it broke an important support this week. The next useful support is around Rs 495 levels, and there is strong upside resistance around Rs 560. We could expect the stock to decline to long-term support at Rs 495. On the upside, movements would end around the Rs 560 resistance level. Use Rs 560 as a stop-loss, and sell the future, it looks safer than borrowing stocks to short.

HCL Tech

Current Price: Rs 219

Target Price: Rs 230

The stock has started to rise out of a trading range on somewhat higher volumes. This looks like a weak uptrend but it could push prices to at around the Rs 230 level, where there is strong resistance. If volumes pick up in the opening session of next week, the stock could move a lot higher. Chart formations as such leave open the possibility of Rs 250- low volumes suggest the target will not be met. Stop loss at Rs 205.

Nirma

Current Price: Rs 239

Target Price: Rs 230

The stock appears to be easing down out of a long-term trading range. There is a very powerful support at Rs 230