NIFTY
Current: 5,943 (fut: 5,964);
Target: NA
The index has a mildly bullish profile with support at 5,925 and resistance at 5,975. Futures premium is at 15-20 points. The advance-decline ratio was negative, however. Today's session limits could be 5,880 or 6,000. Stop-loss shorts at 5,980 and stop-loss long positions at 5,920. A strangle of long 5,900p (26) and long 6,000c (35) is tempting since both options may be struck.
DLF
Current price: Rs 280;
Target price: Rs 290.
New 52-week high for the stock. Keep a stop-loss at Rs 274 and go long. Add to the position between Rs 281 and Rs 283. Book profits above Rs 290.
HCL TECH,
Current price: Rs 723;
Target price: Rs 735
New 52-week high on volume expansion. The stock could move till Rs 735-740 if resistance at Rs 723-727 is overcome. Keep a stop at Rs 714 and go long. Add to the position between Rs 725 and Rs 730. Book profits above Rs 735.
TATA STEEL
Current price: Rs 379;
Target price: Rs 371
A fall till Rs 368-371 is likely if support at Rs 378 breaks. Keep a stop at Rs 384 and short. Add to the position between Rs 373 and Rs 375. Book profits below Rs 371. If Rs 384 breaks, a bounce till Rs 388 is likely.
ICICI BANK
Current: Rs 1,121;
Target price: Rs 1,180
The stock is testing key support at Rs 1,110-1,125. If it holds, a bounce till Rs 1,180-1,190 is likely, with some resistance between Rs 1,140 and Rs 1,150. If it breaks, a fall till Rs 1,080-1,090 is likely. Keep a stop at Rs 1,105 and go long. Add to the position between Rs 1,125 and Rs 1,135. Book partial profits at Rs 1,150 and hold the rest for a three-session target of Rs 1,180.
The target prices and projected movements given above are in terms of the next one trading session, unless otherwise stated
