Trading desk

Sterlite, Tata Motors & ICICI Bank

Sterlite
Current price: Rs 161,
Target price: Rs 152

The stock has seen massive selling on the adverse HC judgement. It could bottom out at around Rs 152. Given settlement, it might slide a bit further or see frantic short-covering that pushed it back to an intra-day high of Rs 165. Keep a stop at Rs 163 and go short. Start covering the position below Rs 153.

Tata Motors
Current price: Rs 1,106 ,
Target price: Rs 1,130

The stock could test resistance at Rs 1,125-1,130 today. However, it has a possible downside till around the Rs 1,080 mark. Keep a stop at Rs 1,095 and go long. Increase the position between Rs 1,112 and Rs 1,118. Start booking profits above the Rs 1,128 mark.

ICICI Bank
Current price: Rs 1,102,
Target price: Rs 1,070

The stock is poised on a key support line. If it drops below Rs 1,095, it could slide till the Rs 1,070 mark or even lower, till Rs 1,050. Keep a stop at Rs 1,115 and go short. Increase the position between Rs 1,090 and Rs 1,095. Start booking profits at around the Rs 1,070 mark.

(The target price and projected movements given above are in terms the next one trading session)