NIFTY
Current: 5,547 (futures: 5,555); R
Target: NA
The index ended with a bullish undertone. Support at 5,500, resistance at 5,600 - use these as stop loss for long and short futures positions, respectively. Breakouts could go till 5,650 or 5,450. A bullspread of long 5,700c (72) and short 5,800c (40) costs 32. it could gain 15 if the index hits 5,650.
YES BANK
Current price: Rs 252.95;
Target price: Rs 242
Keep a stop at Rs 257 and short. Add to the position between Rs 248 and Rs 250. Book profits below Rs 242. A breakout past Rs 257 could lead to a target of Rs 263-265.
TATA MOTORS
Current price: Rs 299.75;
Target price: Rs 290
Keep a stop at Rs 303 and short. Add to the position between Rs 294 and Rs 297. Book profits below Rs 290. A breakout past Rs 303 could lead to a target of Rs 308.
HINDALCO
Current price: Rs 109;
Target price: Rs 112
Keep a stop at Rs 107 and go long. Add to the position between Rs 109.75 and Rs 111. Book profits above Rs 112.
RANBAXY
Current price: Rs 431;
Target price: Rs 450
Keep a stop at Rs 420 and go long. Add to the position between Rs 438 and Rs 443. Book profits at Rs 450.
The target prices and projected movements given above are in terms of the next one trading session, unless otherwise stated
