Airtel, ONGC, Infosys, ICICI & Hero Honda
AIRTEL
Current Price: Rs 376.5,
Target Price: Rs 390
The stock is testing resistance at the top end of a range of Rs 365-380. If it crosses Rs 380, it could go till Rs 390-392 inside three sessions. Keep a stop at Rs 372 and go long. Increase the position between Rs 380 and Rs 382 and reset the stop to Rs 378. Start booking profits above Rs 390. If the Rs 372 stop is broken, go short with a target of Rs 365 and a stop-loss at Rs 375.
ONGC
Current Price: Rs 289.5,
Target Price: Rs 300
The stock could test resistance at Rs 300-303 in the next three sessions. Keep a stop at Rs 285 and go long. Increase the position between Rs 292 and Rs 294 and reset the stop to Rs 290. Start booking profits above Rs 300. If the Rs 285 stop is broken, ONGC might slip to Rs 279-280 so consider going short.
INFOSYS
Current Price: Rs 2,885,
Target Price: Rs 2,835
The scrip is still looking bearish but it may be settling down, given a lot of support in the Rs 2,800-2,900 zone. However, the upside seems limited. There's resistance at Rs 2,950 and at Rs 3,000. Go short, with a stop-loss at Rs 2,920 and a target of Rs 2,835. Increase the position between Rs 2,865 and Rs 2,875. Start booking profits below Rs 2,840.
ICICI
Current Price: Rs 1,090,
Target Price: Rs 1,050
The scrip could see a downside till around Rs 1,040-1,050 if the current three session bearish streak continues. Keep a stop at Rs 1,105 and go short. Increase the position between Rs 1,060 and Rs 1,070 and reset the stop-loss till Rs 1,080. Start booking profits below Rs 1,050.
HERO HONDA
Current Price: Rs 1,767,
Target Price: Rs 1,690
The stock slid on high volumes and the next support is around Rs 1,680-1,700. It could hit that level this week. Keep a stop at Rs 1,785 and go short. Add to the position between Rs 1,740 and Rs 1,750 and reset the stop to Rs 1,760. Start booking profits below the Rs 1,700 levels
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