BIOCON
Current Price: Rs 370,
Target Price: Rs 359
The stock saw heavy selling from disappointed investors. It could have a downside till Rs 360, or maybe Rs 355. Keep a stop at Rs 374 and go short. Add to the position between Rs 365 and Rs 368 and reset the stop-loss till Rs 370. Start booking profits below Rs 360.
HDIL
Current Price: Rs 175,
Target Price: Rs 167
The stock may have made a downside breakout on heavy selling pressure. It could have a downside till the Rs 166-167 zone. Keep a stop at Rs 178 and go short. Add to the position between Rs 170 and Rs 173 and reset the stop loss till Rs 175. Start booking profits below Rs 168. If the Rs 178 stop is broken, a pull back till Rs 183 is possible.
IDFC
Current Price: Rs 149,
Target Price: Rs 157
The stock could consolidate close to the current price and move back till around Rs 157-158 over the next three sessions. Keep a stop at Rs 146 and go long. Add to the position between Rs 152 and Rs 154 and reset the stop to Rs 151. Start booking profits above Rs 156. If Rs 146 is broken, the next support is Rs 143.
RELIANCE INDUSTRIES
Current Price: Rs 972,
Target Price: Rs 945
The stock may have broken a key support. It has a potential downside till Rs 945-950. Alternatively, it could pull back till around Rs 1,005 levels. Keep a stop at Rs 990 and go short. Add to the position between Rs 955 and Rs 965 and reset the stop to Rs 975. Start booking profits below Rs 950. If the Rs 990 stop is broken, the next resistance would be Rs 1,005.
SAIL
Current Price: Rs 162,
Target Price: Rs 156
Heavy selling forced the stock down below erstwhile support at Rs 165. Over the next 5-10 sessions, the stock could test the 52-week low of Rs 150. Keep a stop at Rs 167 and go short with a short-term (three session target) of Rs 155-157. Add to the position between Rs 159 and Rs 161 and reset the stop to Rs 163. Start booking profits below Rs 157.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
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