NIFTY
Current: 4,922 (Sep fut: 4,939.5),
Target: NA
Another uptrending session could see the index test resistance at 5,000-5,025. On a downtrend, it may retrace all the way back till 4,750. Long futures should be stop-lossed at 4,875, while short futures can be stop-lossed at 5,000. A strangle with long 5,100c (61) and long 4,800p (81) costs 142 and it will gain around 35-40 in value if the index swings 100 points.
BANK NIFTY
Current: 9,342 (Sep fut: 9,368),
Target: 9,600
The financial index has heavy resistance between 9,450-9,500 and it has fair support at 9,250. If it breaks out of that range, it may move till either 9,650, or 9,050 on a 3-session perspective. Keep a stop-loss at 9,275 and go long. Add to the position between 9,500-9,550 and reset the stop to 9,450. Book profits above 9,600. If 9,250 is broken, reverse and go short.
HINDALCO
Current: Rs 144
Target: Rs 138
If yesterday's move was merely a technical bounce, the stock will hit resistance at Rs 145-146 and collapse back to Rs 138. If it breaks Rs 146, it could rise till Rs 150. Keep a stop at Rs 146.5 and go short. Add to the position between Rs 141-143. Start booking profits below Rs 138.5. If Rs 146.5 is broken, consider going long with a target of Rs 150.
HCL TECH
Current: Rs 390
Target: Rs 405
The stock could have am upside till Rs 405-410. Keep a stop at Rs 380 and go long. Add to the position between Rs 393-397. Book profits above Rs 404. If the Rs 380 stop is broken, it could fall till Rs 365 so be prepared to reverse and go short.
CAIRN
Current: Rs 267
Target: NA
If the stock crosses resistance at Rs 270, it could climb till Rs 278. If it fails to climb past Rs 270, it could drop back till Rs 250. Keep a stop at Rs 272 and go short. Add to the position between Rs 260-264. Start booking profits below Rs 252. If Rs 272 is broken on the upside, go long with a target of Rs 278.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated