NIFTY
Current: 5,288 (futures: 5,295)
Target: NA
A big settlement session could see the index move till either 5,200 or 5,400. Stop-loss shorts at 5,325 and stop-loss long positions at 5,245. A bearspread of long September 5,200p (48) and 5,100p (27) costs 21 and it could double on a down move till 5,225.
BANK NIFTY
Current: 10,012 (futures: 10,033)
Target: 9,900
The index broke a key support at 10,050-10,075. It could slide till 9,875-9,900. Keep a stop at 10,075 and short, if necessary rolling over into the September series. Add to the position between 9,950 and 9,975. Book profits below 9,900.
STERLITE
Current price: Rs 99.5
Target price: Rs 102.5
If support holds at Rs 98, the stock could bounce till Rs 102-103 on short-covering. If Rs 98 breaks, it will drop till Rs 94-95. Keep a stop at Rs 98 and go long. Add to the position between Rs 101 and Rs 102. Book profits above Rs 102.5.
DLF
Current price: Rs 191
Target price: Rs 185
A pullback till Rs 183-185 is possible if the downtrend holds through settlement. Rollover may be necessary. Short with a stop-loss at Rs 193 and add to the position between Rs 188 and Rs 190. Book profits below Rs 185.
ITC
Current price: Rs 269.35
Target price: Rs 273
The stock hit a new high. The next target could be Rs 272-274. Keep a stop at Rs 266 and go long. Add to the position between Rs 270 and Rs 272. Book profits above Rs 273.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
