NIFTY
Current: 5,840 (futures: 5,960);
Target: NA
Use resistance at 5,900 as stop loss for short positions. Use support at 5,800 as stop for long positions. Breakouts could go till 5,975 or 5,725. A bearspread of long 5,700p (62) and short 5,600p (41) could gain 10-15 if the index falls below 5,750.
BANK NIFTY
Current: 10,368 (fut: 10,390);
Target: NA
Support at 10,175. Resistance at 10,475. Range trading between these points is likely with a bearish bias and minor resistance/ supports every 50 points. Breakouts could go till 10,025 or 10,550.
BHEL
Current price: Rs 135.65;
Target price: Rs 129
Keep a stop at Rs 138 and short. Add to the position between Rs 132 and Rs 133.5. Book profits at Rs 129. If it crosses Rs 138, it might run till Rs 141.
RANBAXY
Current price: Rs 318.5;
Target price: Rs 295
Keep a stop at Rs 332 and short. Add to the position between Rs 305 and Rs 310. Book profits below Rs 295. A bounce beyond Rs 332 could run till Rs 350.
HCL TECH
Current price: Rs 996.5;
Target price: Rs 1,025
Keep a stop at Rs 1,085 and go long. Add to the position between Rs 1,005 and Rs 1,010. Book profits at Rs 1,025.
The target prices and projected movements given above are in terms of the next one trading session, unless otherwise stated
