NIFTY
Current: 6,039 (futures: 6,051)
Target: NA
A recovery hit resistance at above Nifty 6,040. The futures is at nominal premium. The market could swing between 6,100 or 5,970. Stop loss shorts at 6,070 and stop loss long positions at 5,990. A bullspread of long 6,100c (36) and short 6,200c (12) could double in value if 6,100 is struck.
TATA MOTORS
Current price: Rs 329
Target price: Rs 345
The stock hit a high of Rs 337-338 and corrected to Rs 318 before moving up again. It should test resistance at Rs 335-338 and if it moves above Rs 338, it could move till Rs 340-345. Keep a stop at Rs 323 and go long. Add to the position between Rs 331-334. Book partial profits at Rs 338 and hold the rest for a 3-session target of Rs 345.
WIPRO
Current price: Rs 431
Target price: Rs 445
This IT major is also participating in the sectoral rally. It could have an upside till the Rs 445-450 levels in the next 3 sessions. Keep a stop at Rs 422 and go long. Add to the position between Rs 435-439. Book profits above Rs 445.
ONGC
Current price: Rs 314.5
Target price: Rs 330
New high at Rs 321-322 on good volumes. Difficult to set a long-term target. Assuming resistance at Rs 320-323 is passed, the stock could hit Rs 330 in the next 3 sessions. Keep a stop at Rs 306 and go long. Add to the position between Rs 320-322. Book profits above Rs 330.
The target prices and projected movements given above are in terms of the next one trading session, unless otherwise stated
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