NIFTY
Current: 5,649 (futures: 5,690)
Target: NA
The index saw minor losses during settlement. A big session could take it till 5,725 or 5,575 or beyond. Stop-loss long positions at 5,600 and stop-loss shorts at 5,700. A bullspread of long 5,800c (53) and short 5,900c (28) costs a net 25 and it could gain 15-20 on an upmove.
L&T
Current price: Rs 1,598
Target price: Rs 1,635
The stock could test its recently established 52-week high at Rs 1,616 and a breakout past that may take it till Rs 1,635-1,645. Keep a stop at Rs 1,570 and go long. Add to the position between Rs 1,605 and Rs 1,620. Book profits above Rs 1,635.
MAHINDRA & MAHINDRA
Current price: Rs 852
Target price: Rs 830
The stock saw a sharp correction after hitting a high of Rs 869. It could slide till the Rs 825-830 level if the downtrend continues. Keep a stop at Rs 860 and short. Add to the position between Rs 835 and Rs 845. Book profits below Rs 830.
SBI
Current price: Rs 2,247
Target price: Rs 2,180
The stock's started correcting from Rs 2,265 and it could slide till Rs 2,150-2,175 if the trend stays down. Keep a stop at Rs 2,270 and go short. Add to the position between Rs 2,210 and Rs 2,230. Book profits below Rs 2,180.
ONGC
Current price: Rs 275
Target price: Rs 281
There’s good support at the current level and the stock could bounce till Rs 280-282. Keep a stop at Rs 273 and go long. Add to the position between Rs 278 and Rs 280. Book profits above Rs 281. If Rs 273 is broken, the next support is at Rs 268.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
