Trading desk

BANK NIFTY
Current: 12,524,
Target: 12,250
The Bank Nifty saw a sharp rise from 12,050-levels (October 28) to highs of 13,300 in early November. The current retracement is at reasonable support but it has a chance of dropping further till 12,250 if it drops below 12,425. Keep a stop at 12,650 and short the November future. Increase the position between 12,375 and 12,425 and cover at 12,250

HINDALCO
Current Price: Rs 212,
Target Price: Rs 201
Another session of heavy selling could push the stock down till around the Rs 200-mark. On the upside, it has resistance at Rs 216. Keep a stop at Rs 215 and go short. Increase the position between Rs 209 and Rs 211. Book partial profits at Rs 205 and reset the stop to Rs 207. Clear the position below Rs 202.

IDBI
Current Price: Rs 186.5,
Target Price: Rs 180
The stock has taken a hammering on high volumes dropping from Rs 195-196. It could fall further, till the Rs 180-level. Keep a stop at Rs 189 and go short. Increase the position between Rs 183 and Rs 184 and reset the stop to Rs 185. Start booking profits below the Rs 181 mark.

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