NIFTY
Current: 5,659 (futures: 5,661);
Target: NA
The index hit a new 2013 low, and confirmed an intermediate downtrend. It could recover till 5,720 or drop till 5,575 today. Stop-loss shorts at 5,700 and stop-loss long positions at 5,625. A bearspread of long 5,600p (29) and short 5,500p (10) could double if 5,600 is struck.
JP ASSOCIATES
Current price: Rs 64;
Target price: Rs 61
The stock could bounce till Rs 69 on short-covering. The intermediate trend is bearish. The 52-week low of Rs 58 may be tested in the next three-sessions. Keep a stop-loss at Rs 66 and short. Add to the position between Rs 62 and Rs 63. Book profits or partial profits below Rs 61.
TATA MOTORS
Current price: Rs 274;
Target price: Rs 269
A downside breakout has come on big volumes. There's support at Rs 269 and again at Rs 264. Keep a stop at Rs 279 and short. Book partial profits at Rs 269 and hold the rest for a target of Rs 264. If the stock breaks Rs 280, it could bounce till Rs 285.
HDFC BANK
Current price: Rs 607;
Target price: Rs 590
The stock hit a three-month low. It could bounce back till Rs 618-625. It is more likely to drop till Rs 585-590. Keep a stop at Rs 615 and go short. Add to the position between Rs 595 and Rs 602. Book profits below Rs 590.
SAIL
Current price: Rs 63.9;
Target price: Rs 60
The stock hit a 52-week low of Rs 63.5 before the floor price of Rs 63 for the stake sale was announced. Despite that support, the stock could travel lower. Go short with a stop loss at Rs 66 and a three-session target of Rs 59-60. Add to the position between Rs 62.5 and Rs 63 and book profits below Rs 60.
The target prices and projected movements given above are in terms of the next one trading session, unless otherwise stated
