NIFTY
Current: 6,032 (futures: 6,038)
Target: NA
Range trading yesterday. Use 6,000 and 6,065, as stop-loss for long and short futures positions respectively. Breakouts could go till 5,950 or till 6,125. A bullspread of long 6,100c (14) and short 6,200c (4) costs 10. It could double if 6,100 is hit.
BANK NIFTY
Current: 11,087 (futures: 11,089)
Target: 11,800
Short-covering pulled the financial index up. But it could fall again. Keep a stop at 11,150 and short. Add to the position between 10,975 and 11,025. Book profits below 10,800.
BHEL
Current price: Rs 161.5;
Target price: Rs 155
New 52-week low on very heavy selling. Keep a stop at Rs 165 and short. Add to the position between Rs 158 and Rs 160. Book profits below Rs 155 or book partial profits and hold with a reset stop-loss at Rs 161 and a new target of Rs 150.
LARSEN & TOUBRO
Current price: Rs 902
Target price: Rs 870
The recent bonus impacts technical accuracy. However, the stock seems in a downtrend. Keep a stop at Rs 920 and short. Add to the position between Rs 885 and Rs 890. Book profits at Rs 870.
HDFC
Current price: Rs 830
Target price: Rs 850
Keep a stop at Rs 815 and go long. Add to the position between Rs 835 and Rs 840. Book profits above Rs 850. If Rs 815 is broken, the stock could drop till Rs 795-800.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
