NIFTY
Current: 4,944 (Aug fut: 4,931);
Target: NA
A new 52-week low and bearish put-call ratios means that a target of 4,800 within settlement remains valid. There's resistance upside at every 50-points up from 5,000-plus. Short futures may be stop lossed at 5,025. A bearspread of long 4,900p (65) and short 4,800p (35) costs 30 and offers maximum return of 70. A long strangle of long 4,800p (35) and long 5,100 (18) will gain 15-20 if the market swings 100 points either way.
HINDALCO
Current: Rs 138
Target: Rs 130
The stock has hit a new 52-week low. It could slide till Rs 128-130 by settlement and it has a chart-based projection of Rs 125-126 in the next 10 sessions. Keep a stop at Rs 143 and short. Add to the position between 134-136 and reset the stop to Rs 138. Book profits below Rs 130.
TATA STEEL
Current: Rs 463
Target: Rs 440
The stock has made a downside breakout to a new low. It has a minimum chart based target of Rs 440, which should be hit by settlement. Pullbacks will hit resistance at Rs 470-475. Keep a stop at Rs 471 and go short. Add to the position between Rs 452-457 and reset the stop to Rs 460. Book profits at Rs 440.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated