NIFTY
Current: 5,365 (March futures: 5,404);
Target: NA
Yesterday’s surge was driven by short-covering. Another big session could take the index to 5,475, or 5,250. Stop-loss long positions at 5,300 and stop-loss shorts at 5,400. A strangle of long 5,500c (26) and long 5,300p (26) is cheap and it could gain about 20-30 in value on a 100-point swing.
HINDALCO
Current price: Rs 137
Target price: Rs 129
The stock has developed a pattern of lower lows in the past three or four sessions. It could fall till Rs 128 before it finds reliable support. Keep a stop at Rs 140 and go short. Add to the position between Rs 131 and Rs 134. Book profits below Rs 129.
BHARTI AIRTEL
Current price: Rs 333
Target price: Rs 348
The stock is testing resistance at Rs 333-336. If it clears Rs 337, it could run till Rs 348-350. Keep a stop Rs 327 and go long. Add to the position between Rs 337 and Rs 340. Start booking profits above Rs 348.
DLF
Current price: Rs 204
Target price: Rs 194
The stock is at a key resistance. If it crosses Rs 207, it will rise till Rs 213-215. If it fall below Rs 201, it will drop till Rs 193. Keep a stop at Rs 207 and go short. Add to the position between Rs 198 and Rs 201. Book profits below Rs 194.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
