ONGC
Current price: Rs 1,179.2, Target price: Rs 1,165
The deferment of the anticipated fuel hike has led to a sell off in the stock. This could continue tomorrow with next support at 1160-1165. Keep a stop at 1185 and go short. Increase the position below 1175. Start clearing the position below 1167.
RELINFRA
Current price: Rs 1,083, Target price: Rs 1,065
The stock has seen a sharp downturn from last Friday’s highs of 1125. It has reliable support only below the 1075-level and a target of 1065-70 is likely. Keep a stop at 1088 and go short. Increase the position below 1077. Start booking profits below 1070. Clear the position at 1065. If the stop loss at 1088 is broken, consider going long since there will be an upside till 1110.
(The target price and projected movements given above are in terms of the next one trading session unless otherwise stated)
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