NIFTY
Current: 4,765 (December Futures: 4,746);
Target: NA
The index is testing support at lower levels. On a breakout, one-session expectations could be 4,625 and 4,850.
The previously recommended bearspread of long 4,700p (80) and short 4,600p (46) costs 34 and it could gain 20-25 on a downside breakout.
ICICI BANK
Current price: Rs 699;
Target price: Rs 685
There could be a rebound till Rs 720 if there are positive expectations about the RBI's credit policy. Otherwise, the stock is likely to slide till around Rs 680-685. Keep a stop at Rs 707 and short. Add to the position between Rs 692 and Rs 698. Start booking profits at Rs 685. If Rs 707 is broken, go long with a stop at Rs 700.
TATA MOTORS
Current price: Rs 173;
Target price: Rs 165
The stock could get sold down till around Rs 162-165 if the downtrend persists. Keep a stop at Rs 178 and go short. Add to the position between Rs 167 and Rs 170.
Book profits below Rs 165. If Rs 178 is broken, the rebound could go till Rs 190.
BHEL
Current price: Rs 249;
Target price: Rs 245
A new 52-week low could reinforce an already powerful downtrend. The stock is likely to test support at Rs 244-245 within this session. If that breaks, it could fall till Rs 240 in the next two sessions. Keep a stop at Rs 252 and go short. Book partial profits at Rs 245 and hold the rest for a target of Rs 240.
WIPRO
Current price: Rs 407;
Target price: Rs 394
The IT major has seen a reaction from resistance at Rs 415-420. It could drop till Rs 390-395 if the trend persists. Keep a stop at Rs 412 and short. Add to the position between Rs 399 and Rs 402. Start booking profits below Rs 394.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated