Trading desk

Cairn, NTPC & Sesa Goa

Cairn
Current Price: Rs 313.5,
Target Price: Rs 324

The stock has rebounded on high volumes from a recent low of Rs 290. It has a possible target of Rs 324-325 if it can overcome resistance just above current price. Keep a stop at Rs 309 and go long. Increase the position between Rs 316 and Rs 318. start booking profits above the Rs 323 mark.

NTPC
Current Price: Rs 179,
Target Price: Rs 167

The stock is at a key support and if that is broken, it could drop till the Rs 165-167 level. Keep a stop at Rs 181 and go short. Between Rs 173 and Rs 175, increase the position and reset the stop loss to Rs 177. Start booking profits below Rs 167. If the Rs 181 stop loss is broken, consider going long with a target of Rs 192 and a stop loss at Rs 180.

Sesa Goa
Current Price: Rs 311.5,
Target Price: Rs 290

The stock saw a sharp recovery on short-covering but the weighted averages price continued to head downwards. There is a good chance that support at Rs 285-290 will be tested again today. Keep a stop at Rs 315 and go short. Increase the position between Rs 300 and Rs 302. Start booking profits at Rs 290.

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