Trading desk

Bank Nifty, DLF & Hindalco

Bank Nifty
Current: 12,462 (underlying) & 12,510 (Oct future), 
Target: 12,325

The financial index is going through a downwards correction. The futures is at significant premium due to late short-covering. The next reliable support is at 12,300 and that may be hit in the next session. Keep a stop at 12,560 and short. Increase the position between 12,400 and 12,425. Start booking profits below 12,350.

DLF
Current Price: Rs 375,
Target Price: Rs 360

The stock is under quite a lot of selling pressure. It has support between Rs 372 and Rs 375 (current). If it slides below Rs 372, it could drop till Rs 360, though there ‘s some support at Rs 365. Keep a stop at Rs 378 and go short. Increase the position between Rs 370 and Rs 372. Book partial profits at Rs 365 and clear the position at Rs 360.

Hindalco
Current Price: Rs 211,
Target Price: Rs 219

The stock is critically poised. If it drops below Rs 209, it could slide till Rs 203. If the support holds, it could bounce till Rs 219. Keep a stop at Rs 209 and go long. Increase the long position between Rs 213 and Rs 215. Clear the position above Rs 218. If the Rs 209 stop is broken, go double-minus, shorting with a stop loss at Rs 211 and a target of Rs 203.

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