NIFTY
Current: 5,114 (May futures: 5,138);
Target: NA
The index recovered from support at 4,990. Another big session could see it swing between 5,000, or 5,225. A strangle of long 5,000p (49) and long 5,200c (69) could gain substantially on a single session.
BANK NIFTY
Current: 9,876 (May futures: 9,905);
Target: 9,500
The financial index is likely to test support at 9,450-9,500 again with in the week. Keep a stop at 10,025 and go short. Add to the position between 9,700 and 9,800. Book profit below 9,500. A rise above 10,025 could go till 10,200.
HINDALCO
Current price: Rs 116;
Target price: Rs 110
The stock hit a new 52-week low at Rs 112 and if that breaks, it could fall till Rs 109-110. Keep a stop at Rs 118.5 and short. Add to the position between Rs 112 and Rs 114. Book profits at Rs 110.
BPCL
Current price: Rs 686;
Target price: Rs 700
The stock was up on a speculative rally on fall in crude oil prices. If it sustains, it could move till Rs 700-710. Keep a stop at Rs 680 and go long. Add to the position between Rs 689 and Rs 695. Book profits above Rs 700.
NTPC
Current price: Rs 156;
Target price: Rs 148
The stock hit a new low at Rs 152-153., It could fall till Rs 146-148 if the support at Rs 152 is broken. Keep a stop at Rs 159 and short. Add to the position between Rs 150 and Rs 152. Book profits at Rs 148.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
