NIFTY
Current: 4979.6 (oct fut: 5,000)
Target: NA
The index is in a zone of high congestion. It could range-trade 4,900-5,025, or breakout till 5,125 or 4,775. Set long stop-losses at 4,900 and short stop-losses at 5,025. A long strange of long 5,100c and long 4,800p costs and could gain between 15 and 25 if the index moves 100 points.
BANK NIFTY
Current: 9,169 (Oct fut: 9,214.70)
Target: 9,050
The financial index has heavy resistance between 9,250 and 9,350. If it crosses that, it could rise till 9,600. On the downside, it could test support between 8,950 and 9,050 if there’s a weak session. Keep a stop at 9,275 and short. Add to the position between 9,100 and 9,150. Book profits below 9,050. If 9,300 is broken, go long with a target of 9,600 and a stop-loss at 9,200.
TATA MOTORS
Current: Rs 171
Target: Rs 182
The stock seems to have made a high volume breakout. It could have a target of Rs 180-184 in the next three sessions. Keep a stop at Rs 165 and go long. Add to the position between Rs 174 and Rs 177. Start booking profits beyond Rs 182. If Rs 165 is broken, the correction would hit support at Rs 157.
COAL INDIA
Current: Rs 343.65
Target: Rs 354
The shift to the Nifty group might lead to institutional rebalancing that causes temporary bullishness. There’s a lot of resistance between Rs 355 and Rs 360. Keep a stop at Rs 338 and go long. Add to the position between Rs 346 and Rs 350. Book profits above Rs 354. If Rs 338 is broken, the next support is Rs 331.
DLF
Current: Rs 228.65
Target: Rs 241
The stock is testing heavy resistance between Rs 229 and Rs 234. If it crosses Rs 234, it could move till Rs 241-245. On the downside, there’s support between Rs 218 and Rs 224. Keep a stop at Rs 223 and go long. Add to the position between Rs 232 and Rs 236. Book profits above Rs 241. If 223 is broken, consider a short with a target of Rs 217 and a stop at Rs 225.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated