NIFTY
Current: 5,698 (futures: 5,722);
Target: NA
Support at 5,650 and resistance at 5,750 with the intermediate trend looking bearish. The futures premium is about 20-25. Breakouts could go till 5,600 or 5,775. Stop-loss shorts at 5,755 and stop-loss long positions at 5,650. A long 5,600p (31) and long 5,800c (39) strangle is zero-delta and it would gain 15-20 on a 50-point move.
TCS
Current price: Rs 1,513;
Target price: Rs 1,560
The stock is testing resistance near its 52-week high of Rs 1,525. A breakout could take it till Rs 1,560-1,575. Keep a stop at Rs 1,495 and go long. Add to the position between Rs 1,520 and Rs 1,535. Book profits above Rs 1,560.
HINDALCO
Current price: Rs 94.5;
Target price: Rs 91
The stock collapsed to a new 52-week low of Rs 93.85. It could bounce back till Rs 98 but the dominant trend is bearish. Keep a stop at Rs 96.5 and short. Add to the position between Rs 93 and Rs 94. Book profits or partial profits below Rs 91.
JP ASSOCIATES
Current price: Rs 68.2;
Target price: Rs 65
Support at Rs 67-68 and resistance at Rs 72-73. If the support breaks, the stock could slide till Rs 63-64 or lower, till Rs 61-62. Keep a stop at Rs 70 and short. Add to the position between Rs 66 and Rs 67. Book profits below Rs 65.
RELIANCE INFRA
Current price: Rs 418.5;
Target price: Rs 400
The stock tested support at Rs 415-416., which is the 52-week low. If it breaks below Rs 415, it could drop till the Rs 395-400 level. Keep a stop at Rs 430 and short. Add to the position between Rs 410 and Rs 415. Book profits below Rs 400.
The target prices and projected movements given above are in terms of the next one trading session, unless otherwise stated
