NIFTY
Current: 5,320 (June fut: 5,319)
Target: NA
A small recovery may abort given big resistances between 5,330-5,375. Downside targets of below 5,200 by settlement remain valid. Hold the previously recommended bearspread of long 5,200p (14) and short 5,100p (5) and the previously recommended butterfly of long 5,300p (39), two short 5,200p (2x14) and long 5,100p (5). If you have a bullish view or wish to hedge, a long 5,400c (16) is attractive.
BANK NIFTY
Current: 10,526 (June fut: 10,560)
Target: 10,375
The financial index has a lot of resistance between 10,550-10,600 and a short-term downside target of 10,350. Keep a stop at 10,625 and go short. Add to the position between 10,450-10,475 and reset the stop to 10,550. Book profits below 10,375.
ITC
Current: Rs 192
Target: Rs 200
The stock going to hit resistance at Rs 194-196. If that is overcome it could have a three-session target of above Rs 200. Keep a stop at Rs 189 and go long. Add to the position between Rs 196-197. Start booking profits at Rs 200.
MARUTI
Current: Rs 1,099
Target: Rs 1,060
The stock has suffered a big breakdown, and the trend has got worse. It should have a short-term target of Rs 1,060 and the bottom could be much lower. Keep a stop at Rs 1,120 and go short. Add to the position between Rs 1,180-1,190 and reset the stop to Rs 1,100. Book profits at Rs 1,060.
ONGC
Current: Rs 265
Target: Rs 256
The stock is poised at a key resistance. It could rise till Rs 272-273 or it could fall back till Rs 255. Take a stop loss at Rs 270 and go short. Add to the position between Rs 260-262 and reset the stop to Rs 265. Start booking profits at Rs 256.
The target price and projected movements given above are in terms of the next one trading session