Trading desk

JP Associates, DLF & Tata Steel

JP Associates
Current Price: Rs 104,
Target Price: Rs 99
The stock has been in a downtrend since early November. It has some support at Rs 101 and another support at Rs 98-99. It’s likely to drop till the latter. Keep a stop at Rs 107 and go short. Increase the position between Rs 100 and Rs 101 and reset the stop to Rs 102. Start booking profits at Rs 99.

DLF
Current Price: Rs 290,
Target Price: Rs 280
The stock is being sold down on high volumes and it’s broken successive supports. The next reliable support is at Rs 279-280 and that is likely to be tested. If Rs 280 is broken, the stock could fall till Rs 260. Keep a stop at Rs 295 and go short. Increase the position between Rs 286 and Rs 288. Book profits at Rs 280. 

Tata Steel
Current Price: Rs 624,
Target Price: Rs 612 
The stock moved downwards on reduced volumes yesterday. It has support between Rs 610 and Rs 615, which it is likely to test. If Rs 610 is broken, the next support is at Rs 600. Keep a stop at Rs 630 and go short. Increase the position between Rs 618 and Rs 620 and reset the stop to Rs 622. Start booking profits below Rs 614.

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