Trading desk

BankNifty, IDFC, Sail

BANKNIFTY
Current Level: 9,992,
Target Level: 9,900
Carryover has been good and the July trading has seen a sharp rise from 9,450 levels to over 10,000. However, the last two sessions have seen retracements. Fibonacci calculations suggest the BN could have a downside till 9,825 by settlement. An intra-day downside till 9,900 or 9,875 is on the cards Thursday. Keep a stop at 10,020 and short. Start covering below 9,900. If you hold till settlement, look for a target of 9,800.

IDFC
Current Price: Rs 190,
Target Price: Rs 195
The stock has seen a three session decline, which has laned it on strong support at Wednesday’s close. It has the potential to bounce back till Rs 195-197 level Thursday. Keep a stop at Rs 187 and go long, Add to the position between Rs 192 and Rs 193. Start booking profits beyond Rs 195 and reset the stop loss to Rs 195 if you wish to hold a position above Rs 197.

SAIL
Current Price: Rs 205,
Target Price: Rs 210
An upside breakout accompanied by higher volumes occurred Tuesday. The target could be Rs 210-212 where there will be a lot of selling pressure. Keep a stop at Rs 203 and go long. Start booking profits above Rs 210 and reset the stop loss to Rs 209 if you wish to hold a position beyond Rs 212. If you can hold till settlement a move till Rs 220 may be possible.

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