ONGC, The Maharatna with second largest MARKET CAP in PSE, is trading at good valuation. Our strategy for trading it as follows:-
Enter ONGC at CMP: 100
Short term target 112.5 (within 5-8 trading sessions) 12.5%
Long term target 130 (within 2 months)
The SL can be placed at 89.5
Hindalco is one one of my favorite swinging stock.
If it breaks 174.80 strongly then trade as follows:-
On the downward side, if it sees rejections at 163, then the trade should be placed as follows:-
Target: 186 - 201 - 219 - 245
BPCL is again a positional trade. It needs some confirmations, waiting for it to see rejections at its support bed of 313-330.
Upon confirmations we can enter the trade as follows:
Target: 375 (60%), - 380 (10%), - 415 (15%), - 452 (5%)
Keep following for confirmation.
Eicher motors has come up a long way from recent bottoms. It is still a strong candidate but needs confirmations.
It can retest its support bed (although week) range 2012-2065. If we see strong rejections from bulls then we can enter the positional trade.
In this case the trade should be placed as follows:-
Target: 2400 - 2900-...
ONGC can be entered between 67.45 and 68.50. The stop loss is bare minimum, and the profit range is pretty high. We can see the targets being achieved in a month or two. It is a positional trade. The long term strategy traders can go further beyond the targets.
Buy on dips at following entry prices:
Entry: 68.50, 68, 67.50
Hi Traders, go long on LT above 921 if a strong candle breaches 921.
LT can take a good upmove in short term, if a large candle breaches 921 level (a confirmation).
Entry price: 921-924.
With HDFC forming a head and shoulder pattern with support placed at 1079, we can see a good upmove from current level. Keeping SL at 1079, The profit range seems to be 1064-1070 .
I suggest going long on HDFC, and see this target achieved in 5-8 trading sessions.
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