NIFTY
Current price: 3,460,
Target price: NA
The index has fulfilled its minimum target on breakout. Three possibilities for today: a bounce till 5525, a drop till 5375, or range-trading between 5450-5500. The best position would be a zero-delta strangle of long 5300p (47) and long 5600c (41). If the Nifty rises, the call gains more than the put loses and if Nifty falls, the put gains more than the call loses.
BHARTI AIRTEL
Current price: Rs 358
Target price: Rs 348
There's a strongly bearish trend with a downside breakout yesterday. There’s some support at 351-352 and that's likely to be tested. If that breaks, the stock could drop to 348. Keep a stop at 362 and short. Add to the position between 350-352 and reset the stop to 356. Book profits at 348.
DLF Current price: Rs 215,
Target price: Rs 208
The stock has a falling pattern with persistent selling pressure. It could see a drop till support at 207-208, which is the 52-week low. Keep a stop at 219 and go short. Add to the position between 210-213 and reset the stop to 215. Book profits at 208.
UNITED PHOSPHORUS
Current price: Rs 156,
Target price: Rs 161
A sharp recovery in the last session could peter out into range-trading between 150-156. It could also mean a breakout till the 161-162 levels. Keep a stop at 152 and go long. Add to the position between 158-160 and reset the stop to 156. Book profits above 161.
YES BANK
Current price: Rs 285
Target price: Rs 275
The stock has seen a sharp decline followed by a pullback in the last session. It may stabilise at support around 279-282. If it drops below 279, it will test the next support at 273-275. There could be a lot of intra-day volatility. Keep a stop at 290 and short. Increase the position between 278-280 and reset the stop to 282. Cover below 275.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated