NIFTY
Current: 6,584 (futures: 6,598);
Target: NA
Stop-loss shorts at 6,650 and stop-loss long positions at 6,550. Breakouts could go till 6,500 or till 6,700. A strangle of long 6,500p (8) and long 6,700c (6) is cheap due to expiry. It could double if the index moves 50 points in either direction. (All futures prices above)
BANK NIFTY
Current: 12,408 (fut: 12,468);
Target: 12,250
Keep a stop at 12,375 and go long. Add to the position between 12,500 and 12,525. Book profits above 12,600. If 12,375 is broken, the index may fall till 12,250. (All futures prices above)
ONGC
Current price: Rs 321;
Target price: Rs 330
Keep a stop at Rs 317 and go long. Add to the position between Rs 324 and Rs 327. Book profits at Rs 330.
INFOSYS
Current price: Rs 3,276;
Target price: Rs 3,350
Keep a stop at Rs 3,245 and go long. Add to the position between Rs 3,310 and Rs 3,335. Book profits above Rs 3,350.
RELIANCE INDUSTRIES
Current: Rs 905;
Target: Rs 930
Keep a stop at Rs 895 and go long. Add to the position between Rs 910 and Rs 920. Book profits above Rs 930.
The target prices and projected movements given above are in terms of the next one trading session, unless otherwise stated
