NIFTY
Current: 5,483 (February futures: 5,537);
Target: NA
The key trading range is 5,450-5,550 and the index is likely to stay within that. Stop long futures at 5,450 and stop short futures at 5,550. Breakouts could take the index till either 5,375, or 5,625. The short-term trend is indeterminate. Wait until Monday for March premiums to settle down before considering option positions.
BANK NIFTY
Current: 10,713 (February futures: 10,789);
Target: 10,500
There’s been a sharp correction from around 11,330 to 10,625. That support at 10,600-10,650 could be tested and if it breaks, the financial index will drop to 10,450-10,500. Keep a stop at 10,850 and go short. Add to the position between 10,550 and 10,600. Book profits below 10,500.
JP ASSOCIATES
Current price: Rs 75;
Target price: Rs 68
If support between Rs 73 and Rs 75 breaks, the stock could slide till around the Rs 65-68 level. Keep a stop at Rs 79 and go short. Add to the position between Rs 71 and Rs 73. Start booking profits below Rs 69.
POWER GRID CORPORATION
Current price: Rs 113;
Target price: Rs 120
Speculative buying could continue, pushing the stock up till around Rs 119-120. Keep a stop at Rs 109 and go long. Add to the position between Rs 115 and Rs 116. Start booking profits above Rs 119.
SESA GOA
Current price: Rs 227;
Target price: Rs 211
If key support between Rs 223 and Rs 226 breaks, the stock could drop till Rs 209-212. Keep a stop at Rs 232 and go short. Add to the position between Rs 219 and Rs 222. Start booking profits around Rs 211-212. If Rs 232 is broken, the bounce could go till Rs 244.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated