Trading desk

Aban offshore
Current price: Rs 849.25,
Target price: Rs 870

The stock has developed a stable uptrend with fair volume action. It’s difficult to calculate a long-term target because the formation is just a linear uptrend. However, the stock should have a 1-session upside till around 870 where it’s likely to test resistance. Keep a stop at 840 and go long. Increase the position beyond 855 and reset the stop to 852. Start booking profits above 867.

Infosys Technologies
Current price: Rs 2,767,
Target price: Rs 2,735

The stock is seeing some selling pressure, which could intensify today. It has support at 2,735-2,740, which is likely to be tested. If 2,735 is broken, the next support is at around 2,720. Keep a stop at 2,775 and go short. Start booking profits below 2,738. However if 2,735 is broken, consider renewing the short with a stop loss at 2,738 and a new target of 2,720.

SBI
Current price: Rs 2,262,
Target price: Rs 2,225

The stock has seen selling in the past two sessions. It has support between 2,250 and 2,260 but if 2,250 is broke, it will probably slide till 2,200. On the upside, it has resistance at around 2,300. The stock is a bellwether for the banking sector and it will reflect perceptions about the RBI’s manoeuvres. The risk: reward equation favours going short with a stop loss at 2,275. Increase the position below 2,250 and reset the stop to 2,255. Start booking profits below 2,225.

The target price and projected movements given above are in terms of the next one trading session unless otherwise stated