Trading desk

DLF, ICICI Bank & Mahindra & Mahindra

DLF
Current Price: Rs 304,
Target Price: Rs 290

The stock is likely to test support at between Rs 295 and Rs 297 tomorrow after two sessions of heavy selling. If Rs 295 is broken, it could drop till Rs 280 over the next three sessions. On the upside, there could be a bounce till Rs 318 on short covering. Keep a stop at Rs 308 and go short. Increase the position between Rs 295 and Rs 297 and reset the stop to Rs 300. Start booking profits below Rs 290.

ICICI Bank
Current Price: Rs 1,125,
Target Price: Rs 1,075

The stock has seen heavy selling and current support between Rs 1,115 and Rs 1,125 looks creaky. If it drops, the likely downside is till support at Rs 1,075- Rs 1080 is hit. On the upside, short covering could push the stock till Rs 1,150-Rs 1,160. Keep a stop at Rs 1,135 and go short. Increase the position between Rs 995 and Rs 1,005, and reset the stop to Rs 1,115. Start booking profits below Rs 1,080.

Mahindra & Mahindra
Current Price: Rs 785,
Target Price: Rs 800

The stock is climbing on high volumes. It should have a minimum target of Rs 800 where it will hit resistance. On the downside, there are successive support at Rs 780, Rs 770 and Rs 760. Keep a stop at Rs 780 and go long. Increase the position between Rs 790 and Rs 792. Start booking profits above Rs 800.

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