NIFTY
Current: 5,967 (futures: 5,975)
Target: NA
Support held at 5,920-5,950. Futures premium is nominal. A dip below 5,920, could trigger a drop to 5,850. If support 5,920-5,950 holds, a rebound could hit 6,020. Stop-loss shorts at 6,030. Stop-loss ‘longs’ at 5,910. A bearspread of long 5,900p (48), short 5,800p (24) could gain 15 if 5,900 is struck.
BANK NIFTY
Current: 12,468 (futures: 12,523)
Target: 12,325 (12,375)
The financial index broke the 12,500 (fut: 12,550) support. Futures premium is low at 50-60. The initial downside may be 12,300-12,325 (12,350-12,375). A five-session target may be 12,200-12,225 (12,250-12,275). Short with a stop at 12,550 (12,625). Book profits or partial profits at 12,325 (12,375).
IDFC
Current price: Rs 158
Target price: Rs 153
Monday’s high-volume breakdown was confirmed by a 30-day low. The stock will test support at Rs 153-155. If that breaks, it could fall till Rs 145-148. Stop-loss at Rs 161 and short. Add to the position between Rs 154 and Rs 155. Book partial profits or exit at Rs 153.
BHEL
Current price: Rs 211.4
Target price: Rs 204
The stock hit a 3-month low at Rs 210. It's likely to find support at Rs 201-204. Keep a stop at Rs 214 and short. Add to the position between Rs 208 and Rs 210. Book profits below Rs 204.
JP ASSOCIATES
Current price: Rs 76
Target price: Rs 71
Another stock that hit a 3-month low (Rs 74.85) on high volumes. May fall further till Rs 69-71 and will definitely test Rs 74-75. Stop-loss at Rs 79 and short. Add to the position between Rs 74 and Rs 75. Book profits below Rs 71.
The target prices and projected movements given above are in terms of the next one trading session, unless otherwise stated
