NIFTY
Current: 6,116 (futures: 6,143)
Target: NA
Support at 6,050 and resistance at 6,225 (all futures prices) with a promise of high volatility. Break-outs could go till 5,950 filling the gap or 6,300 on the upside. The straddle of long 6,300c (22) and long 6,000p (30) could gain 15-20 on a big move, despite expiry concerns.
BANK NIFTY
Current: 11,148 (futures: 11,201);
Target: NA
The financial index will see high volatility due to the monetary policy. It could swing down till 10,700 or up till 11,800 (all futures prices). It's likely to open high. Use the supports at 10,900 and 11,050 as stop-loss for long positions and 11, 500 as a stop-loss for shorts.
TATA POWER
Current: Rs 83;
Target: Rs 87
Keep a stop at Rs 80 and go long. Add to the position between Rs 84 and Rs 85. Book profits above Rs 87.
L&T
Current:/ Rs 888.4;
Target: Rs 870
Keep a stop at Rs 900 and short. Add to the position between Rs 875 and Rs 882. Book profits below Rs 870.
The target prices and projected movements are in terms of the next session, unless otherwise stated
