NIFTY
Current: 6,024 (futures: 6,064)
Target: NA
The short-term trend seems bullish. A big session could go till 6,100 (fut: 6,135) or 5,950 (fut: 5,980). Stop loss shorts at 6,050 (6,090) and stop long positions at 5,970 (6,000). A bullspread of long 6,100c (45) and short 6,200c (17) costs 28 and could gain 15-20 if the index cross 6,075 (6,110).
ONGC
Current price: Rs 305.25
Target price: Rs 318
ONGC hit a new 52-week high on excellent volumes. A target of Rs 318-320 should be possible with a five-session timeframe. Keep a stop at Rs 299 and go long. Add to the position between Rs 307.5-310. Book profits above Rs 318.
HCL TECH
Current price: Rs 673
Target price: Rs 695
A new high on excellent volumes. A target of Rs 695-700 could be achieved in three sessions. Keep a stop at Rs 660 and go long. Add to the position between Rs 677-683. Book profits above Rs 695.
The target prices and projected movements given above are in terms of the next one trading session, unless otherwise stated