Zee Telefilms
Current price: Rs 103.45
Target: Rs 108 /93
The stock has seen massive buying in the recent past. However there is also huge supply and resistance through the current zone. We could have a yo-yo effect with the stock moving up to around Rs 108, being hammered down by profit-taking to around Rs 93 and moving up to around Rs 108 again. Traders can try to exploit these fluctuations but it's safe to buy and hold only on declines.
BPCL
Current price: Rs 215.65
Target price: Rs 255
This could fizzle out if Monday develops badly. However there is an upside to around the Rs 255-265 zone if disinvestment starts moving again.
Unfortunately the stock may become impossible to buy in that case, so the advice may be academic. Just in case it's available, keep a stop around 200.
We aren't recommending HPCL because of similar circuit freeze considerations. The F&O segment is also likely to be turbulent but the Rs 230 December Call may be a good buy if available.
Corporation Bank
Current price: Rs 115
Target price: Rs 125
The stock has completed a bullish formation on decent volumes. It has a minimum upside target of about Rs 125 and a possible upside of around Rs 140.
Given the changed legal position post-securitisation, the upper target could be attainable. Take partial profits at Rs 125 and keep a stoploss at Rs 107. The stock may need to be held for around a month.
Oriental Bank of Commerce
Current price: Rs 46
Target price: Rs 52
The stock could head for a new 2-year high if it maintains the current trend. It has completed a saucer formation with fairly high volumes. The projected targets would be around Rs 51-53. There is strong resistance at that level.
However if the OBC closes above Rs 53, it could move until Rs 59 without any interim resistance. Keep a stop at Rs 43 and be prepared to hold for several weeks if looking for the Rs 59 target.
Punjab Tractors
Current price: Rs 150.75
Target: Rs 175
The scrip has completed an inverted head & shoulder formation. This would normally have a projected target around Rs 185-190. However the formation is a little weak; the volumes were rather low on the breakout and the right shoulder is too rounded. There is also powerful resistance around Rs 175-180 and it's likely the move will halt there. Stop loss at Rs 143.
