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B. Krishnakumar

HDFC (Rs 1,002): The stock has been a star performer over the past couple of years.

After moving to a high of Rs 1,080, the stock has been in a corrective mode over the past couple of months. This corrective phase appears complete at the recent low of Rs 961.

The next leg of the rally appears to be underway and a move to the Rs 1,150-1,200 range appears likely. Long-term investors may hold with a stop-loss at Rs 860.

In the short-term, there is a possibility of the stock dropping to the Rs 925-935 range.

Price weakness may be used to take long positions with a stop-loss at Rs 900.

IPCL (Rs 222): The stock appears to have completed the downward corrective phase at the low of Rs 206 that was recorded a couple of days ago.

If this view is valid, the recovery in share price in the past few days would mark the start of the rally's next leg. The stock could rally to the immediate target of the Rs 245-250 range.

There is a strong support at the Rs 210-215 band. Long positions may be considered on price weakness. Stop-loss for long positions may be placed at Rs 204.

Conservative investors may wait for the test of the support zone before taking exposures, as this would reduce the potential risk. The rest may consider long positions now and on declines with a stop at Rs 204.

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