NIFTY
Current: 5,285 (futures: 5,273);
Target: NA
The index could swing between 5,125 and 5,400 - the bias is bearish. Stop-loss short positions at 5,350 and stop-loss long positions at 5,200. A long 5,200p (16.5) is expensive given expiry. But it could double if it's struck.
BANK NIFTY
Current price: 8,761 (fut: 8,735);
Target price: 8,400
Almost every bank stock hit its respective 52-week low in the last two sessions. The index bounced from a 52-week low of 8,366. Keep a stop at 8,900 and short. Add to the position between 8,625 and 8,650. Book profits at 8,400. Be prepared for extreme volatility.
JP ASSOCIATES
Current price: Rs 33.80;
Target price: Rs 31
Short covering pulled the stock back from Rs 30.1. Keep a stop at Rs 34.75 and short. Add to the position between Rs 32.75 and Rs 33.25. Book profits below Rs 31.
BPCL
Current price: Rs 267;
Target price: Rs 251
Keep a stop at Rs 280 and short. Add to the position between Rs 258 and Rs 263. Book profits or partial profits below Rs 251.
WIPRO
Current price: Rs 471.45;
Target price: Rs 480
New 52-week high at Rs 472-473 Keep a stop at Rs 465 and go long. Add to the position between Rs 473 and Rs 476. Book profits above Rs 480.
Current: 5,285 (futures: 5,273);
Target: NA
The index could swing between 5,125 and 5,400 - the bias is bearish. Stop-loss short positions at 5,350 and stop-loss long positions at 5,200. A long 5,200p (16.5) is expensive given expiry. But it could double if it's struck.
BANK NIFTY
Current price: 8,761 (fut: 8,735);
Target price: 8,400
Almost every bank stock hit its respective 52-week low in the last two sessions. The index bounced from a 52-week low of 8,366. Keep a stop at 8,900 and short. Add to the position between 8,625 and 8,650. Book profits at 8,400. Be prepared for extreme volatility.
JP ASSOCIATES
Current price: Rs 33.80;
Target price: Rs 31
Short covering pulled the stock back from Rs 30.1. Keep a stop at Rs 34.75 and short. Add to the position between Rs 32.75 and Rs 33.25. Book profits below Rs 31.
BPCL
Current price: Rs 267;
Target price: Rs 251
Keep a stop at Rs 280 and short. Add to the position between Rs 258 and Rs 263. Book profits or partial profits below Rs 251.
WIPRO
Current price: Rs 471.45;
Target price: Rs 480
New 52-week high at Rs 472-473 Keep a stop at Rs 465 and go long. Add to the position between Rs 473 and Rs 476. Book profits above Rs 480.
The target prices and projected movements given above are in terms of the next one trading session, unless otherwise stated
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