NIFTY
Current: 5,942 (fut: 5,951);
Target: NA
The index may be running out of momentum with strong resistance at 5,950-5,975. Today, it could move till 6,000 or 5,900. Stop-loss long positions at 5,920 and stop-loss shorts at 5,980. A strangle of long 5,800p (24) and long 6,100c (18) could gain 15-20 if there's a 75-point move in either direction.
BANK NIFTY
Current: 12,165 (fut: 12,178);
Target: 11,975
Futures premium has dropped drastically and the financial index hit heavy resistance between 12,250 and 12,300. It could fall till the 11,950 levels today. Keep a stop at 12,250 and short. Add to the position between 12,075 and 12,125. Book profits between 11,950 and 11,975.
HDFC
Current price: Rs 832;
Target price: Rs 850
The uptrend could continue till Rs 850-860 levels and maybe till Rs 880. Keep a stop at Rs 815 and go long. Add to the position between Rs 835 and Rs 843. Book profits or partial profits above Rs 850.
TATA POWER
Current price: Rs 101;
Target price: Rs 106
The uptrend could continue till the Rs 106-107 levels. Keep a stop at Rs 99 and go long. Add to the position between Rs 103 and Rs 104. Book profits above Rs 106.
TCS
Current price: Rs 1,566;
Target price: Rs 1,535
The profit booking may continue for a few more sessions with the stock finding support at Rs 1,525-1,535. Keep a stop at Rs 1,585 and short. Add to the position between Rs 1,545 and Rs 1,555. Book profits below Rs 1,535.
The target prices and projected movements given above are in terms of the next one trading session, unless otherwise stated
