NIFTY
Current: 5,124 (Sep Fut: 5,120),
Target: NA
The index should test strong resistance between 5,175-5,225 in the next couple of sessions. It has support at 5,075-5,100 and long futures can be stop-lossed there. Hold the previously recommended bullspread of long 5,100c (130) and short 5,200c (80). A bullspread of long 5,200c (80) and short 5,300c (44) with net cost of 36, could gain 10-15 if the index moves up till 5,175.
IDFC
Current: Rs 116
Target: Rs 125
The stock has very powerful resistance at current levels. If it crosses Rs 117, it could run till 125. On the downside, it may slide till Rs 108. Keep a stop at Rs 112 and go long. Add to the position between Rs 117-119. Book profits at Rs 125.
AMBUJA CEMENT
Current: Rs 147
Target: Rs 165
The stock has made a breakout backed by strong volumes. Difficult to compute targets given an almost vertical rise. It could test Rs 165-167 in a 5-session timeframe. Keep a stop at Rs 140 and go long. Add to the position between Rs 149-152. Start booking profits at Rs 165.
HCL TECH
Current: Rs 407
Target: Rs 415
The upmove from a recent low of Rs 380 has the potential to hit a minimum target of Rs 415 and it could pull up till Rs 425, or even Rs 430. Keep a stop at Rs 399 and go long. Add to the position between Rs 411-415 and reset the stop to Rs 408. Book partial profits at Rs 415 and hold the rest for a target of Rs 425.
IDBI
Current: Rs 110
Target: Rs 120
The stock is testing key resistance at Rs 111-112. It could climb till Rs 120 if it rises past Rs 112. Keep a stop at Rs 107 and go long. Add to the position between Rs 112-113. You can book partial profits at Rs 115 and hold the rest for a target of Rs 120. If the stock drops below Rs 107, it could reverse and go back till Rs 103.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated