NIFTY
Current: 4,908 (May futures: 4,881)
Target: NA
The bearish trend persists -a big session could move the index till either 4,825 or 4,975. Stop-loss long positions at 4,850 and stop-loss shorts at 4,950. Hold the bearspread of long 4,900p (103) and short 4,800p (63), it could gain another 10-15 on a further fall.
BANK NIFTY
Current: 9,258 (May futures: 9,150);
Target: 9,025
The substantial discount to underlying implies the financial index could open weak. It might test support at 9,000-9,050 today. Keep a stop at 9,325 and go short. Add to the position between 9,100 and 9,150. Book profits below 9,025.
HINDALCO
Current price: Rs 112;
Target price: Rs 106
The stock hit a new 52-week low. It could fall till Rs 104-106 in the next three sessions. Keep a stop at Rs 115 and go short. Add to the position between Rs 108 and Rs 110. Book profits below Rs 106.
RELIANCE INDUSTRIES
Current price: Rs 681;
Target price: Rs 660
The stock hit successive 52-week lows in the last two sessions. It has a possible downside till Rs 635-645 and a three-session target of Rs 655-660. Keep a stop at Rs 695 and short. Add to the position between Rs 670 and Rs 675. Book profits at Rs 660.
ASIAN PAINTS
Current price: Rs 3,697;
Target price: Rs 3,800
If the stock rises above resistance around Rs 3,725-3,750 it could run till Rs 3,800-3,820. Keep a stop at Rs 3,650 and go long. Add to the position between Rs 3,740 and Rs 3,750. Book profits above Rs 3,800. A fall below Rs 3,630 could mean a drop till Rs 3,550.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
