Cairn, IDFC, Hero Honda, NTPC & Wipro
Cairn
Current Price: Rs 349,
Target Price: Rs 335
The movement in the scrip is obviously news-based. However, strictly on technical grounds, the scrip could drop to Rs 335 before it stabilises. Keep a stop at Rs 355 and go short. Add to the position between Rs 340-345. Start booking profits below Rs 336.
IDFC
Current Price: Rs 165,
Target Price: Rs 172
The stock has been bouncing between Rs 162 and Rs 165 with a bullish bias. A breakout past Rs 167 would give it a target of Rs 172 in a three-session timeframe. Keep a stop at Rs 162 and go long. Increase the position between Rs 167 and Rs 169. Start booking profits above Rs 172.
Hero Honda
Current Price: Rs 1,682,
Target Price: Rs 1,715
The stock has made what seems like a temporary breakout. It could have an upside till around Rs 1,715. Keep a stop at Rs 1,660 and go long. Add to the position between Rs 1,690 and Rs 1,700. Start booking profits above Rs 1,710. If the Rs 1,660 stop is broken, the stock could drop back till Rs 1,640.
NTPC
Current Price: Rs 192,
Target Price: Rs 202
The stock is range-trading Rs 190-195 with a bullish bias. If it closes above Rs 196, it would have a target of Rs 202 in a three-session timeframe. Keep a stop at Rs 190 and go long. Increase the position between Rs 196 and Rs 198. Book profits above Rs 201. If it drops below Rs 189, consider a short witha target of Rs 184 and a stop-loss at Rs 191.
Wipro
Current Price: Rs 466,
Target Price: Rs 453
A fall to support at Rs 452-455 looks likely given the bearish trend. Keep a stop at Rs 472 and go short. Increase the position between Rs 458-462. Book profits below Rs 455. If the stop at Rs 472 is broken, consider reversing and going long with a target of Rs 480 and a stop at Rs 469.
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