Micro Technicals

Cipla

Current price: Rs 975

Target price: Rs 1040

The stock has started moving up on better volumes. It will run into major resistance between Rs 1020-1050. If that resistance is broken, the stock will complete a bullish inverted head & shoulder formation. In that case, it would have a target of around Rs 1150. It is worth taking partial profits above 1020, while holding on to some in the hope of the longer-term target. Maintain a stop loss at Rs 960.

Essel Packaging

Current Price: Rs 225

Target Price: Rs 250

The stock has shot up on huge volumes. It has almost completed a bullish saucer formation. It could have a target between Rs 250-260. There are signs that the long-term trend of the scrip has turned bullish because a declining trendline, established in April 2002, has just been broken. Certainly worth a short-term trade, maybe worth holding for the long-term. Keep a stop loss at Rs 210.

Hughes Software

Current price: Rs 152.75

Target price: Rs 175

The stock has formed an extremely promising chart formation, moving up on high volumes. It has strong resistance above Rs 170, coupled to a target price of Rs 180 calculated on the basis of the chart formation.

The likely target price is between Rs 170-180 range. Keep a stop loss at Rs 139 and go long. There is potential for the scrip to move up a lot further.

Hindalco

Current price: Rs 484

Target price: Rs 440

The stock has just plunged to a three-year low. It has been sold on huge volumes which have increased as the price fell. The next reliable support is between Rs 415-440.

The stock may be worth shorting or selling on the futures market where volumes have also risen. It would be worth a short-term plus trade at around Rs 440 levels, where it can be expected to bounce back. Maintain a stop loss at 500 if you are short selling the stock.

Infosys

Current price: Rs 3761.25

Target price: Rs 3850

The stock has turned bullish after Q2 results. It has just completed a saucer formation with a target of around Rs 3850 or slightly more. It moved on Friday with a gap on the BSE. That gap above Rs 3650 may be filled if there is a weak session on Monday or Tuesday.

You can wait for the gap to be filled and buy as close to Rs 3650 as possible. Alternately sell the October future if you get prices above Rs 3850.