NIFTY
Current: 4,763 (December Futures: 4,764);
Target: NA
Range trading continued between 4,750 and 4,850. On a breakout, one session expectations would be 4,625, or 4,875. Stop long positions at 4,700 and stop-loss short positions at 4,825. Hold the previously recommend bearspread of long 4,700p (81) and short 4,600p (49). It costs 32, and gain 15-20 if 4,700 is touched.
IDBI
Current price: Rs 88;
Target price: Rs 83
Selling pressure on heavy volumes led to a testing of the 52-week low of Rs 87-88. If that is broken, the stock could fall till Rs 82. Keep a stop at Rs 91 and go short. Add to the position between Rs 85 and Rs 87. Start booking profits below Rs 83.
DLF LIMITED
Current price: Rs 201;
Target price: Rs 193
Heavy selling led to a pullback. If the stock drops below Rs 200, it could fall till around Rs 193. On the upside, a rebound could go till Rs 209. Keep a stop at Rs 205 and short. Add to the position between Rs 198 and Rs 200. Book profits below Rs 194.
TATA POWER
Current price: Rs 87;
Target price: Rs 81
The stock hit a new 52-week low and closed near the same mark. It could fall till Rs 81-82 within the next two sessions. Keep a stop at Rs 91 and go short. Add to the position between Rs 84 and Rs 86. Book profits below Rs 82.
RANBAXY
Current price: Rs 401;
Target price: Rs 390
The stock made a small recovery after hitting a new 52-week low. It's likely to test support at Rs 396 again and if that is broken, it could drop till Rs 390. Keep a stop at Rs 406 and short. Add to the position between Rs 394 and Rs 396. Book profits at Rs 390.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated