NIFTY
Current: 5,600 (June: 5,608, July: 5,630),
Target: NA The Nifty could swing between a primary range of 5,550 and 5,625 on settlement. Moves beyond this could go till either 5,500 or 5,675. If the 5-session upmove breaks due to bulls booking profits, a short June future with stop loss at 5,625 works well. Keep a long June 5,700c (3) as a hedge.
HDFC BANK
Current: Rs 2,490
Target: Rs 2,435
The stock has made an upside breakout and it's testing resistance between Rs 2,490-2,510. If it crosses Rs 2,510, it could rise till Rs 2,545. On the downside, the stock could slide till Rs 2,400-2,430 if there's a lot of selling. Keep a stop at Rs 2,510 and go short. Add to the position between Rs 2,455-2,470 and reset the stop till Rs 2,480. Book profits below Rs 2,435
IDFC
Current: Rs 131
Target: Rs 126
The stock is likely to swing between support at Rs 126 and resistance at Rs 134 today. Keep a stop at Rs 133 and go short. Add to the position between Rs 128-130 and reset the stop to Rs 131. Start booking profits at Rs 126. If it breaks Rs 134 on the upside, the stock could climb till Rs 138.
HIND UNILEVER
Current: Rs 335
Target: Rs 342
A new high could be followed either by consolidation between Rs 325-335 or by a spurt till the Rs 342-345 level. Keep a stop at Rs 329 and go long. Add to the position between Rs 336-339 and reset the stop to Rs 334. Book profits at Rs 342. If Rs 329 is broken, the next support is Rs 324-325.
TATA STEEL
Current: Rs 601
Target: Rs 615
The stock has made a small breakout. If the move is sustained, it could go up till Rs 615-620. Otherwise, it could slide back till the Rs 575-580 levels. Keep a stop at Rs 595 and go long. Add to the position between Rs 603-609 and reset the stop to Rs 602. Book profits above Rs 615. If the Rs 595 stop is broken, the stock could fall till at least Rs 585 and maybe lower, so consider a short.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated