NIFTY
Current: 4,935 (Nov fut: 4,925)
Target: NA
The index has definitely broken down but there could be a rebound on short-covering. The one-session swing limits would be 4,840 and 5,050. Stop-loss short futures at 5,000 and stop long futures at 4,875. A bearspread of long 4,900p (60) and short 4,800p (28) costs 32. It could gain 25-30 if it's struck.
TATA MOTORS
Current price: Rs 175
Target price: Rs 159
A sharp reversal to a downtrend occurred yesterday. The chart pattern suggests that a fall till Rs 155-160 is possible in the next five sessions. Keep a stop at Rs 183 and go short. Add to the position between Rs 166 and Rs 170. Book profits below Rs 160.
JP ASSOCIATES
Current price: Rs 62.65
Target price: NA
The stock seems to be in a strong downtrend. It could test its 52-week low at Rs 54-55 within the settlement. On short-covering, there may be a bounce till Rs 72. Keep a stop at Rs 68 and short. Add to the position between Rs 59 and Rs 61. Start booking profits at Rs 55.
STATE BANK OF INDIA
Current price: Rs 1,757
Target price: Rs 1,720
There's key support at Rs 1,745 but if that is broken, the stock could fall till Rs 1,710-1,720. Keep a stop at Rs 1,780 and short. Add to the position between Rs 1,735 and Rs 1,745. Book profits at Rs 1,720.
COAL INDIA
Current price: Rs 305
Target Price: Rs 290
The stock is coming under heavy selling pressure. It could test its lowest listed price of Rs 289-290. Keep a stop at Rs 312 and short. Add to the position between Rs 295 and Rs 300. Book profits below Rs 290. On the upside, if Rs 312 is broken, a rebound till Rs 320 is possible.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated