TRADING DESK

BankNifty
Current level: 8,852
Target level: 8,780

The BankNifty (BN) has support between 8,780 and 8,850. But, there is a downside. If 8,780 is broken, it could fall till 8,700. On a bounce, the BN will hit resistance at 9,050. Keep a stop at 8,900 and go short. Cover below 8,800. If it drops below 8,770, go short again with a stop-loss at 8,800 and a new target of 8,700. If it breaks the initial stop at 8,900, go long with a target of 9,025.

Infosys
Current price: Rs 2,533
Target price: Rs 2,475

The stock has made a downside breakout on high volumes and high delivery ratios. It has a target of about Rs 2,450-2,475. Keep a stop at Rs 2,560 and go short. Below Rs 2,500, increase the position and reset the stop-loss to Rs 2,500. Start clearing the position below Rs 2,475.

Sesa Goa
Current price: Rs 307.5
Target price: Rs 295

The stock is into a steep downtrend. It’s difficult to gauge where this could end since we’re at 52-week lows. Note the big differential in May futures (Rs 308) and June futures (Rs 297) prices may induce arbitrage, involving spot-selling, which is likely to push it down to Rs 295 level. Keep a stop at Rs 317 and go short. Cover below Rs 297.

(The target price and projected movements given above are in terms of the next one trading session unless otherwise stated)