NIFTY
Current: 5,612 (futures: 5,608)
Target: NA
Backwardation of futures is a negative signal. Resistance at 5,650. Support at 5,575. Breakouts could go till 5,750 or 5,500. Stop loss long positions at 5,575 and stop loss shorts at 5,665. A bearspread of long 5,600p (92) and short 5,500p (57) costs 35 and could gain 15-20 if the market drops till 5,575.
SBI
Current: Rs 1,605;
Target: Rs 1,545
New 52-week low at Rs 1,575 ahead of results. Keep a stop at 1,635 and short. Add to the position between Rs 1,570 and Rs 1,585. Book profits or partial profits below Rs 1,545.
TATA STEEL
Current: Rs 236.5;
Target: Rs 225
Keep a stop at Rs 241 and short. Add to the position between Rs 231 and Rs 234. Book profits at Rs 225. If it breaks Rs 242, go long with a target of Rs 246 and a stop loss at Rs 238.
ITC
Current: Rs 335.65;
Target: Rs 345
Keep a stop at Rs 331 and go long. Add to the position between Rs 337 and Rs 339. Book profits or partial pro0fits at Rs 345.
Current: 5,612 (futures: 5,608)
Target: NA
Backwardation of futures is a negative signal. Resistance at 5,650. Support at 5,575. Breakouts could go till 5,750 or 5,500. Stop loss long positions at 5,575 and stop loss shorts at 5,665. A bearspread of long 5,600p (92) and short 5,500p (57) costs 35 and could gain 15-20 if the market drops till 5,575.
SBI
Current: Rs 1,605;
Target: Rs 1,545
New 52-week low at Rs 1,575 ahead of results. Keep a stop at 1,635 and short. Add to the position between Rs 1,570 and Rs 1,585. Book profits or partial profits below Rs 1,545.
TATA STEEL
Current: Rs 236.5;
Target: Rs 225
Keep a stop at Rs 241 and short. Add to the position between Rs 231 and Rs 234. Book profits at Rs 225. If it breaks Rs 242, go long with a target of Rs 246 and a stop loss at Rs 238.
ITC
Current: Rs 335.65;
Target: Rs 345
Keep a stop at Rs 331 and go long. Add to the position between Rs 337 and Rs 339. Book profits or partial pro0fits at Rs 345.
The target prices and projected movements given above are in terms of the next one trading session, unless otherwise stated
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