Trading desk

BHARTI AIRTEL, ONGC & TATA STEEL

BHARTI AIRTEL
Current price: Rs 267.5,
Target price: Rs 275

The stock seems to have made a mini upside breakout and it should have a target of Rs 275 on Tuesday. Keep a stop at Rs 265 and go long. Add to the position between Rs 269 and Rs 270. Start booking profits above Rs 274. If the scrip can close above Rs 275 on Wednesday, it will have a potential upside till Rs 285. This is worth bearing in mind if you can hold a futures position. On the downside, if support at Rs 263-265 is broken, the scrip could drop till Rs 255.

ONGC
Current price: Rs 1,285,
Target price: Rs 1,270

The stock is reacting after testing Rs 1,350 on the upside. It has hit what should be reasonable support at the first Fibonacci level. The pattern suggests a fall till Rs 1,270 (roughly the next Fibonacci level). The futures (Rs 1,295) is at premium to spot. Short the future with a stop-loss at Rs 1,305 and a target of Rs 1,270. Increase the position below Rs 1,285 and clear below Rs 1,270.

TATA STEEL
Current price: Rs 471,
Target price: Rs 460

The stock is still in a downtrend. The futures (Rs 464) is at discount to the spot and a target projection to the Rs 450 level can be made. In this case, it may be better to short the spot, though the position can’t be rolled over. The one-session target could be about Rs 460. Take a short position with a stop-loss at Rs 477 and increase it below Rs 468. Start taking profits below Rs 462.