NIFTY
Current: 5,704 (fut: 5,721.65);
Target: NA
Assume a futures premium of 20 in the new settlement. Today the index could test resistance at 5,750 or support at 5,650. Breakouts could go till 5,625 or 5,725. Stop loss long positions at 5,665 and stop loss shorts at 5,755. A bullspread of long 5,800c (43) and short 5,900c (18) could gain 15-20 if the index rises 50 points.
INDUSIND BANK
Current price: Rs 415.5 ;
Target price: Rs 430
The stock is likely to see institutional interest due to its induction in the Nifty. There's some resistance at Rs 418-420 and if that's beaten, the stock could run till Rs 430-434. Keep a stop at Rs 407 and go long. Add to the position between Rs 420 and Rs 423. Book profits above Rs 430.
RELIANCE INFRA
Current price: Rs 338;
Target price: Rs 330
The stock jumped on relatively low volumes. It might not pass resistance at Rs 340-342 and it could correct back till Rs 328-330. Keep a stop at Rs 342 and short. Add to the position between Rs 332 and Rs 335. Book profits below Rs 330.
CAIRN
Current price: Rs 286;
Target price: Rs 298
The stock jumped five per cent on somewhat reduced volume. It could drop back to Rs 275-277 or rise till Rs 298, beating resistance at Rs 288-290. Keep a stop at Rs 282 and go long. Add between Rs 290 and Rs 293. Book profits above Rs 298. Reverse and short with a target of Rs 276 if it drops below Rs 282.
Current: 5,704 (fut: 5,721.65);
Target: NA
Assume a futures premium of 20 in the new settlement. Today the index could test resistance at 5,750 or support at 5,650. Breakouts could go till 5,625 or 5,725. Stop loss long positions at 5,665 and stop loss shorts at 5,755. A bullspread of long 5,800c (43) and short 5,900c (18) could gain 15-20 if the index rises 50 points.
INDUSIND BANK
Current price: Rs 415.5 ;
Target price: Rs 430
The stock is likely to see institutional interest due to its induction in the Nifty. There's some resistance at Rs 418-420 and if that's beaten, the stock could run till Rs 430-434. Keep a stop at Rs 407 and go long. Add to the position between Rs 420 and Rs 423. Book profits above Rs 430.
RELIANCE INFRA
Current price: Rs 338;
Target price: Rs 330
The stock jumped on relatively low volumes. It might not pass resistance at Rs 340-342 and it could correct back till Rs 328-330. Keep a stop at Rs 342 and short. Add to the position between Rs 332 and Rs 335. Book profits below Rs 330.
CAIRN
Current price: Rs 286;
Target price: Rs 298
The stock jumped five per cent on somewhat reduced volume. It could drop back to Rs 275-277 or rise till Rs 298, beating resistance at Rs 288-290. Keep a stop at Rs 282 and go long. Add between Rs 290 and Rs 293. Book profits above Rs 298. Reverse and short with a target of Rs 276 if it drops below Rs 282.
The target prices and projected movements given above are in terms of the next one trading session, unless otherwise stated
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