NIFTY
Current price: 5,258 (June future 5,265),
Target price: NA
The index has made a downside breakout. It's likely to test the 5,150-5,200 level in the next couple of sessions and it may fall further. A simple bearspread of long June 5,200p (51) and short 5,100p (27) offers a potential return of 74 for a maximum cost of 24.
JPASSOCIATES
Current price: Rs 79
Target price: Rs 74.5
The stock is seeing heavy selling pressure and it could be pushed back to test the previous 52-week low of 70. In a 3-session perspective, a target of 74-75 is likely. Keep a stop at 81 and short. Add to the position between 76-77 and reset the stop to 78. Start booking profits below 75.
BHARTI AIRTEL
Current price: Rs 390,
Target price: Rs 405
The stock moved up against the overall market trend on very high volumes. It has a chart-projection target of 405 and it could go further. Keep a stop at 383 and go long. Add to the position between 392-396. Start booking profits above 404. If the 383 stop is broken, the next support would be 375.
TATA MOTORS
Current price: Rs 931,
Target price: Rs 890
A bearish trend has intensified. The support is the 52-week low at 925. If 925 breaks, the stock could slide till 890, at least. Keep a stop at 950 and short. Add to the position between 915-925. Book profits at 890. If you can hold till settlement, consider a trailing stop-loss: don't set targets, reset the stop down 10 points for every 10-point downmove. If 950 is broken, there could be a recovery till 980.
ICICI BANK
Current price: Rs 1,025
Target price: Rs 980
The stock will test key support between 1,000-1,010. If that breaks, it will test 975-985. Keep a stop at 1,040 and short. Add to the position between 995-1,005. Start booking profits at 980. If 1040 is broken, there could be a pullback till 1065.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
