NIFTY
Current: 5,599 (July fut: 5,585)
Target: NA
The Nifty has resistance at 5,650 and support at 5,550. Breakouts could go till 5,450/5,750 if today is a swing session. If it opens near 5,600, a strangle of long 5,700c (34) and long 5,500p (47) will cost 81 and return a net 15-20 on a 100-point swing.
A wider strangle of long 5,400p (25) and long 5,800c (15) may return a net 10-15 on a lower cost. But it's unlikely to be struck.
BANK NIFTY
Current: 11,264 (July fut: 11,276);
Target: 11,450
The financial index has multiple resistance between 11,475-11,500 and it may test those if today is an uptrending session. On the downside, it could slide 11,050 or lower. Keep a stop-loss at 11,200 and go long, with a target of 11,450. If the 11,200 stop is broken, go short with a target of 11,050 and a stop-loss of 11,250.
TATA MOTORS
Current: Rs 1,068
Target: Rs 1,100
The chart suggests a minimum upside till resistance at Rs 1,080-1,085. If it crosses Rs 1,085, it could rise till Rs 1,100. It seemed to make a small breakout yesterday when it rose above a resistance at Rs 1,065. Keep a stop at Rs 1,055 and go long. Add to the position between Rs 1,085-1,090 and reset the stop to Rs 1,075. Book profits above Rs 1,100.
JP ASSOCIATES
Current: Rs 77
Target: Rs 74.5
The upside is bounded by strong resistance between Rs 79-80. On the downside, it could fall till it hits support between Rs 74-75. Keep a stop at Rs 79 and short. Add to the position between Rs 75-76 and reset the stop to Rs 77. Start booking profits at Rs 74.5.
SESA GOA
Current: Rs 296.5
Target: Rs 310
The stock has risen above a key resistance at Rs 292-295. It could have an upside till Rs 310 within three sessions if the breakout is sustained. Keep a stop at Rs 291 and go long. Add to the position between Rs 300-302 and reset the stop to Rs 296. Book profits above Rs 310.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
