Trading Desk

Nifty
Current level: 4,970.2
Target level: 4,900-5,000 (range-trade)

The index has support at 4,900 from the exponential 200-day moving average (DMA) and resistance at 5,000 from the simple 200 DMA. If it drops below 4,900, it may test the low of 4,786 (May 25) again. On the upside, there’s resistance at 5,100 and above, at 50-point intervals. The index is likely to range-trade between 4,900 and 5,000 on Wednesday. Keep a stop at 5,000 and go short. Reverse the position at 4,900 and go long with a stop-loss at 4,875.

Hindalco
Current price: Rs 143.5
Target price: Rs 135

The stock has a downside till around the Rs 135 mark and has powerful resistance above Rs 147. Keep a stop at Rs 146 and go short. Increase the position below Rs 142. Start covering the position below Rs 137 and clear the position at Rs 135.

The target price and projected movements given above are in terms of the next five trading sessions unless otherwise stated