Nifty, Sterlite, ONGC, State Bank of India & Hind Unilever
Current: 5,220 (March futures: 5,257);
The index bounced from support near the 200-day moving average and closed strong. It could move between 5,100 and 5,350 if it's a swing session. The prior recommendation of long 5,000p (46) and long 5,400c (70), which could gain 30 if there is a big session. A bearspread of long 5,200p (107) and short 5,100p (72) costs 35 and could double in value on a downtrend.
Current price: Rs 109;
Target price: Rs 114
The stock has support at Rs 107-108. It could rebound till Rs 113-115 on a recovery. Keep a stop at Rs 107 and go long. Add to the position between Rs 111 and Rs 112. Start booking profits above Rs 114. If it drops below Rs 107, it could fall till Rs 103.
Current price: Rs 279;
Target price: Rs 271
There's key support at Rs 275-277. If that breaks, the stock could fall till Rs 269-271. Keep a stop at Rs 282 and go short. Add to the position between Rs 275 and Rs 277. Start booking profits below Rs 271.
STATE BANK OF INDIA
Current price: Rs 2,142;
Target price: Rs 2,225
The stock bounced from support at Rs 2,100-2,120. If it crosses resistance at Rs 2,165, it could climb till Rs 2,225. Keep a stop at Rs 2,115 and go long. Add to the position between Rs 2,165 and Rs 2,175. Book profits above Rs 2,225.
Current price: Rs 385;
Target price: Rs 405
The stock should test resistance at Rs 390-392. If it breaks out, it could climb till Rs 405 in the next three sessions. Keep a stop at Rs 381 and go long. Add to the position between Rs 392 and Rs 395. Book profits above Rs 405.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
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