NIFTY
Current: 6,089 (fut: 6,108)
Target: NA
Trend showed mildly bearish signs. Use support at 6,050 as a stop-loss for long positions. Use resistance at 6,175 as stop-loss for short positions. Breakouts could go till 6,225 or 5,975. A bearspread of long 6,000p (72) and short 5,900p (47) costs 25 and it could double if the index falls below 6,050. (All futures prices).
BANKNIFTY
Current: 10,389 (fut: 10,399)
Target: 10,175
Keep a stop at 10,475 and short. Add to the position between 10,300 and 10,325. Book profits between 10,175 and 10,200.
RELIANCE INDUSTRIES
Current price: Rs 868
Target price: Rs 845
Keep a stop at Rs 880 and short. Add to the position between Rs 850 and Rs 860. Book profits below Rs 845.
TCS
Current price: Rs 2,215
Target price: Rs 2,250
Keep a stop at Rs 2,200 and go long. Add to the position between Rs 2,225 and Rs 2,240. Book profits above Rs 2,250.
IDFC
Current price: Rs 93
Target price: Rs 90.5
Keep a stop at Rs 95 and short. Add to the position between Rs 91.25 and Rs 92.25. Book profits below Rs 90.5.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
