NIFTY
Current: 4,706 (Nov fut: 4,704),
Target: NA
The one-session target could be 4,650 (stop-loss for long futures), or 4,750 (stop-loss for short futures). A very cheap long November 4,600p (6) and long November 4,800c (5) could double in value if the index has big moves in early stages.
HDFC BANK
Current price: Rs 426
Target price: Rs 410
The stock made a breakdown in high volumes. It could bounce till Rs 440 on short covering but the three-session target would be Rs 400 and the one-session low is likely to be Rs 410. Keep a stop at Rs 434 and short. Add to the position between Rs 414 and Rs 418. On a one-session basis, start booking profits at Rs 410 or consider carryover.
HINDALCO
Current price: Rs 119.5
Target price: Rs 112
The stock hit a new 52-week low at Rs 117 and could drop further, till around Rs 110-112. Keep a stop at Rs 122 and short. Add to the position between Rs 115 and Rs 117. Book profits at Rs 112. If Rs 122 is broken, the bounce could go till Rs 125. Carry over if required.
TATA STEEL
Current price: Rs 382.65
Target price: Rs 365
The stock has hit a new 52-week low on high volumes. The chart projection suggests a downside till Rs 365. On the upside, there will be resistance at Rs 390. Keep a stop at Rs 391 and short. Add to the position between Rs 372 and Rs 377. Book profits at Rs 365.
IDFC
Current price: Rs 103
Target price: Rs 98
IDFC hit a new low on huge volume expansion. It could have a downside till Rs 97-98. Keep a stop at Rs 106.5 and short. Add to the position between Rs 99 and Rs 101. Book profits below Rs 98. Carryover if required.
The target price and projected movements given above are in terms of the next one trading session