NIFTY
Current: 5,812 (futures: 5,834)
Target: NA
Use support at 5,775, and resistance at 5850, as stop loss for futures positions. Breakouts or breakdowns could go to 5,700 or 5,900. The bearspread of long 5,700p (50) and short 5,600p (30) could gain 10-15 if the index dips below 5,725.
BANK NIFTY
Future: 11,283
Target: 11,125
Futures premium of 65-70 seems unsustainable. The financial index could react down to 11,125. Keep a stop at 11,425 (futures price) and short. Add to the position between 11,200-11,250. Book profits below 11,125.
HCL TECH
Current: Rs 819;
Target: Rs 830
New 52-week high at Rs 821-822. Keep a stop at Rs 810 and go long. Add to the position between Rs 822-826. Book profits above Rs 830.
ONGC
Current: Rs 303.85;
Target: Rs 315
ONGC is at the bottom end of a trading range of Rs 300-335. Keep a stop at Rs 298 and go long. Add between Rs 308-310. Book profits above Rs 315. If Rs 298 breaks, short with an initial target of Rs 290 and a stop loss of Rs 305.
RELIANCE COMMUNICATIONS
Current: Rs 145.2;
Target: Rs 136
RCOM is correcting from a 52-week high of Rs 149-150. There's support at Rs 140-141 and more support at Rs 135-136. Keep a stop at Rs 150 and short. Add to the position between Rs 139 and Rs 141. Book profits at Rs 136.
Current: 5,812 (futures: 5,834)
Target: NA
Use support at 5,775, and resistance at 5850, as stop loss for futures positions. Breakouts or breakdowns could go to 5,700 or 5,900. The bearspread of long 5,700p (50) and short 5,600p (30) could gain 10-15 if the index dips below 5,725.
BANK NIFTY
Also Read
Current: 11,349;
Future: 11,283
Target: 11,125
Futures premium of 65-70 seems unsustainable. The financial index could react down to 11,125. Keep a stop at 11,425 (futures price) and short. Add to the position between 11,200-11,250. Book profits below 11,125.
HCL TECH
Current: Rs 819;
Target: Rs 830
New 52-week high at Rs 821-822. Keep a stop at Rs 810 and go long. Add to the position between Rs 822-826. Book profits above Rs 830.
ONGC
Current: Rs 303.85;
Target: Rs 315
ONGC is at the bottom end of a trading range of Rs 300-335. Keep a stop at Rs 298 and go long. Add between Rs 308-310. Book profits above Rs 315. If Rs 298 breaks, short with an initial target of Rs 290 and a stop loss of Rs 305.
RELIANCE COMMUNICATIONS
Current: Rs 145.2;
Target: Rs 136
RCOM is correcting from a 52-week high of Rs 149-150. There's support at Rs 140-141 and more support at Rs 135-136. Keep a stop at Rs 150 and short. Add to the position between Rs 139 and Rs 141. Book profits at Rs 136.
The target prices and projected movements given above are in terms of the next one trading session, unless otherwise stated
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