NIFTY
Current price: 5,522,
Target price: NA
There is a lot of resistance near the current levels but the Nifty now has a four-session uptrend under its belt. Today, it could test resistance at 5,570-5,600 if the uptrend continues. Or, it could fall back till around the 5,425-mark. One possibility is to take a relatively wide strangle of long March 5,400p (15) and long March 5,600c (28). Any movement will result in a jump in the value of the option that is closer to the money and allow settlement at a profit. In theory, if the market closes outside 5,357, 5,643 by March 31, the position would gain 57.
IDFC
Current price: Rs 154,
Target price: Rs 159
The stock has swung up on excellent volumes and it could have a target of 159-160. However, it could also fall to 149. Keep a stop at 152 and go long. Add to the position between 156-157. Start booking profits above 158.
BHEL
Current price: Rs 2,048,
Target price: Rs 2,105
The stock has made a jump on high volumes. It could settle down into range-trading 2,000-2,060 but in a 3-session timeframe it has an upside till around 21,00-2,100 and maybe till 2,150. Keep a stop at 2,020 and go long. Increase the position between 2,070-2,080. Start booking profits above 2,100.
(The target price and projected movements given above are in terms of the next one trading session)
