NIFTY
Current: 5,593 (futures: 5,601)
Target: NA
Resistance at 5,650, use this as a stop-loss for shorts. Support at 5,575, use this or 5,550 as stop-loss for a long position. Breakouts could go till 5,800 or 5,400. A strangle of long 5,800c (52) and long 5,400p (78) would exploit rising volatility if there's a big swing session.
INFOSYS
Current: Rs 3,004.8;
Target: Rs 2,935
Keep a stop at Rs 3,035 and short. Add to the position between Rs 2,965 and Rs 2,995. Book profits below Rs 2,935. A bounce above Rs 3,035 could go till Rs 3,075.
ONGC
Current: Rs 270.1;
Target: Rs 279
Go long with a stop loss at Rs 264. Add to the position between Rs 272 and Rs 275. Book profits above Rs 279.
DLF
Current: Rs 137.85;
Target: Rs 132
Keep a stop at Rs 141 and short. Add to the position between Rs 134 and Rs 136. Book profits below Rs 132. If Rs 141 is broken, the stock could run till Rs 148.
BANK NIFTY
Current: 9,682 (futures: 9,722)
Target: NA
Spectacular response to the RBI's change of guard. Key resistance at 9,750-9,825. If that breaks, the index will test 10,000. If resistance holds, a fall till 9,350 is likely. One strategy is to go long while hedged with a long 9,600put (premium 360) and add to the long position above 9,850. The opposite view is to go short with a stop-loss at 9,825 or a long 10,000c (285).
Target prices, projected moves given are in terms of the next session, unless otherwise stated
