NIFTY
Current: 5,401 (futures: 5,385)
Target: NA
A new 2013 low. Support at 5,301. Resistance at 5,420. Today's session could see moves between 5,250 and 5,475. Use 5,350 as a stop-loss for long futures positions and 5,475 as a stop-loss for shorts. A bearspread of long 5,400p (94) and short 5,300p (53) costs 41 and it could gain 20 if 5,300 is struck.
DLF
Current price: Rs 154;
Target price: Rs 145
Keep a stop at Rs 158 and short. Add to the position between Rs 148 and Rs 151. Book profits or partial profits at Rs 145. A move beyond Rs 158 could go till Rs 161.
STATE BANK OF INDIA
Current price: Rs 1,554
Target price: Rs 1,500
A sharp reversal on short-covering. Keep a stop at Rs 1570 and short. Add to the position between Rs 1,535 and Rs 1,550. Book profits at Rs 1,500. A move beyond Rs 1,570 could go till Rs 1,590.
TATA STEEL
Current price: Rs 257;
Target price: Rs 245
A sharp recovery that seems to be driven by short-covering. Keep a stop at Rs 263 and short. Add to the position between Rs 252 and Rs 255. Book profits at Rs 245.
BHEL
Current price: Rs 101.35;
Target price: Rs 96
New 52-week low at Rs 100-100.50. Keep a stop at Rs 104 and short. Add to the position between Rs 98.5 and Rs 100. Book profits below Rs 96.
The target prices and projected movements given above are in terms of the next one trading session, unless otherwise stated
