NIFTY
Current: 5,656 (futures: 5,641)
Target: NA
The futures have gone into discount and the put-call ratio remains bearish. The index could test 5,475 if the downtrend holds till settlement. Today, stop loss long positions at 5,625 and stop loss shorts at 5,725. A bearspread of long 5,500p (16) and short 5,400p (5) costs 11 and could triple in value if the index drops another 100 points.
BANK NIFTY
Current: 11,375 (futures: 11,344)
Target: 11,200
The futures is in discount. The financial index could head lower and test support at 11,175-11,225. If that's broken, it could test 11,025-11,050. Keep a stop at 11,450 and short. Add to the position between 11,275 and 11,300. Book profits at 11,200.
JP ASSOCIATES
Current price: Rs 58.65;
Target price: Rs 55
New 52-week low at Rs 58.4. Keep a stop at Rs 60.5 and short. Add to the position between Rs 57 and Rs 58. Book profits below Rs 55.
DLF
Current price: Rs 175.5;
Target price: Rs 166
Another 52-week low at Rs 173. Put a stop loss at Rs 181 and short. Add to the position between Rs 170 and Rs 173. Book profits below Rs 166.
BHEL
Current price: Rs 171;
Target price: Rs 164
A 52-week low at Rs 170-171. Keep a stop at Rs 175 and short. Add to the position between Rs 169 and Rs 171. Book profits below Rs 164.
The target prices and projected movements given above are in terms of the next one trading session, unless otherwise stated
