Nifty
Current: 4,764 (Fut: 4,769)
Target: NA
The index continues to trend down. One-session limits are likely to be 4,650, 4,850. Stop-loss short positions at 4,800 and stop long positions at 4,700. A bearspread of long 4,700p (91) and short 4,600p (59) costs 32 and could gain 20-25 if the market swings down 50-75 points.
ICICI Bank
Current: Rs 707,
Target: NA
A new 52-week low could establish a strong downtrend. Targets are impossible to set. Keep a trailing stop-loss initially at Rs 725 and go short. Add to the position between Rs 695 and Rs 705. Reset the stop downwards by 10 points for every 10-point fall.
Sail
Current: Rs 79,
Target: Rs 75
The stock hit a new 52-week low. It could test support Rs 77-78 again and if that breaks, it would fall till around Rs 75 in the next two sessions. Keep a stop-loss at Rs 81 and short. Add to the position between Rs 76 and Rs 77. Book profits at Rs 75.
Coal India
Current: Rs 304;
Target: Rs 290
The stock has a persistent downtrend. It looks likely to test support near its listing price of Rs 290. Keep a stop at Rs 311 and short. Add to the position between Rs 297 and Rs 302. Book profits below Rs 291. If it breaks Rs 311, it might rebound till Rs 320.
Bharti Airtel
Current: Rs 342;
Target: Rs 325
Sharp downtrend which seems to be getting stronger. The three session target could be Rs 320-325. Keep a stop at Rs 352 and go short. Add to the position between Rs 335 and Rs 340. Start booking profits at Rs 325. If the Rs 352 stop is broken, a rise till Rs 365 is possible.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
