Today's picks
Cairn, RCom & Tata Motors
CAIRN
Current price: Rs 357,
Target price: Rs 370
The stock has made an upside breakout backed by reasonable volumes. It has a potential target of Rs 370-375 over the next three sessions. Keep a stop at 350 and go long. Increase the position between 360 and 363 and reset the stop to 357. Start booking profits beyond 370.
RCOM
Current price: Rs 90,
Target price: Rs 84
The stock has a consistent downtrend with a pattern of falling tops and bottoms. It should test support at 84-85 in the next two sessions. Keep a stop at 93 and go short. Increase the position between 86.5 and 88. Start booking profits below 85. If you can hold for five sessions, a break below 84 could result in a target of 75.
TATA MOTORS
Current price: Rs 1,128,
Target price: Rs 1,070
The stock is likely to test support at 1,060-1,070 in the next three sessions. Keep a stop at 1,150 and go short. Increase the position between 1,110 and 1,120 and reset the stop to 1,130. If it is a single-session position, cash out at 1,100. Otherwise hold for 3 sessions with a target of 1,075.
(The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated)