Buy Maruti Suzuki at a target of Rs 1277 & Rs 1294 and at a stop loss above Rs 1225.

On Maruti Suzuki:

Maruti has come to very strong support levels between Rs 1,250 and Rs 1,275 if it were to come down then I expect it to get lot of buying support, so I would place my stop slightly lower because in case of volatility if there is a sell off then the stop is below Rs 1,225. But I would suggest buying up to Rs 1,252 and my targets are Rs 1,277 and Rs 1,294 running up to Rs 1,347, in between Rs 1,312 and Rs 1,330; Rs 1330 is a strong resistance.

Buy ICICI Bank, targets at Rs 707, Rs 715, Rs 721 & Rs 728 and a stop loss below Rs 684.

On ICICI Bank:

Rs 692 to Rs 684 is a major support area for this bank and after yesterday’s beating and since the Nifty has also come close to a major support area between 4,350 and 4,305, ICICI Bank I expect to show a turnaround and move up. So my stop would be below Rs 684 and the targets would be Rs 707-715-721 and Rs 728; Rs 721 to Rs 728 is a very strong supply zone.

Buy Hero Honda, targets at Rs 1410 & Rs 1418 and a stop loss below Rs 1350.

On Hero Honda:

This stock has an uncanny knack of showing bounce backs on a day when you expect some recovery. So just like Maruti, I would buy on declines up to Rs 1,375; my stop would be below Rs 1,350. Targets starting from Rs 1,410 then thereafter targets are Rs 1,418-1,437 and Rs 1,447; Rs 1,437 to Rs 1,447 range is a very strong supply zone.

Sell Reliance Communication at a target of Rs 242, Rs 238 & Rs 235, at a stop loss above Rs 251.

On Reliance Communication:

Until and unless you see Reliance Communications stays above Rs 250 its still a sell of course there is a good support around Rs 242; so that would be the first target to look forward to if Reliance Communications were to go down and below that Rs 238 and Rs 235 would be the two targets I would be watching for but Rs 242 is a crucial support on the downside and Rs 250-251 is a crucial resistance. So I would be incline to sell this stock given yesterday’s trading pattern.

Sell Power Grid at a target of Rs 103 & Rs 101 and a stop loss above Rs 111.

On Power Grid:

Power Grid has come down with good volume as well and my feeling is that in the early session if you don’t find it going beyond Rs 109, you can possibly take a short position with a stop above Rs 111 and your targets would be Rs 103 and Rs 101. But I am not expecting it to go into double digits because I expect support to come in at lower levels today.

S: MC