NIFTY
Current: 4,975 (May futures: 4,985);
Target: NA
The bearishness persists. A trending session could move till 4,900 or 5,050. Stop-losses can be placed at 4,950 (long) and 5,025 (short). Hold the bearspread of long 4,900p (75) and short 4,800p (47), which could gain 10-15 on a downswing.
STATE BANK OF INDIA
Current price: Rs 1,883;
Target price: Rs 1,840
The stock is likely to test support between Rs 1,860 and Rs 1,875. If that is broken, it could fall till Rs 1,550-1,575 within the settlement, with a short-term target of Rs 1,820-1,840. Keep a stop at Rs 1,920 and short. Add to the position between Rs 1860 and Rs 1,875. Book profits or partial profits at Rs 1,840.
ITC
Current price: Rs 240;
Target price: Rs 250
The stock has the potential to test resistance at the Rs 250-252 level. Keep a stop at Rs 235 and go long. Add to the position between Rs 244 and Rs 246. Start booking profits above Rs 250.
BHARTI AIRTEL
Current price: Rs 309;
Target price: Rs 292
The stock is likely to test support between Rs 303 and Rs 305. If it falls below Rs 303, it could drop till Rs 290-292. Keep a stop at Rs 315 and go short. Add to the position between Rs 299 and Rs 303. Book profits below Rs 292.
RANBAXY
Current price: Rs 513;
Target price: Rs 530
The stock has a possible upside till the Rs 530-535 level. Keep a stop at Rs 500 and go long. Add to the position between Rs 520 and Rs 525. Start booking profits above Rs 530.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
