NIFTY
Current: 5,375 (Futures: 5,442);
Target: NA
The futures closed at significant premium but there's heavy resistance at 5,450-5,500. A swing session could move till 5,275, or 5,525. Stop-loss shorts at 5,500 and stop-loss long positions at 5,350. Hold the recommended bearspread of long 5,100c (47) and 5,000c (32) - it could double in value on a downtrend.
IDBI
Current price: Rs 111.5;
Target price: Rs 106
The stock could bounce till Rs 115-116 or slide back till Rs 104-106. Keep a stop at Rs 113 and short. Add to the position between Rs 108 and Rs 110. Book profits below Rs 107.
HINDALCO
Current price: Rs 147;
Target price: Rs 155
Another bullish session could push the stock till Rs 155. Or it may slide till support at Rs 139-141. Keep a stop at Rs 144 and go long. Add to the position between Rs 150 and Rs 152. Book profits at Rs 155. If Rs 144 is broken, consider a short with a target of Rs 141.
CAIRN INDIA
Current price: Rs 367;
Target price: Rs 349
The stock is testing support between Rs 362 and Rs 370. Below Rs 362, it could fall till Rs 345-350. Stop-loss at Rs 372 and go short. Add to the position between Rs 356 and Rs 361. Book profits below Rs 350. If Rs 372 is broken, a rise till Rs 380 is possible.
LARSEN & TOUBRO
Current price: Rs 1,349;
Target price: Rs 1,290
The stock has a pattern of range-trading Rs 1,280-1,365. Keep a stop at Rs 1,365 and short. Add to the position between Rs 1,320 and Rs 1,335. Book profits below Rs 1,290. If Rs 1,365 is broken, the next resistance is Rs 1,415.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated