NIFTY
Current: 5,000 (May futures: 4,995);
Target: NA
A bearish trend is apparent. A big swing session could go till 5,125, or 4,875. Stop-losses can placed at 4,950 (long) and 5,250 (short). A bearspread of long 4,900p (64) and short 4,800p (34) costs 30 and it rise by 10-15 on a downswing.
TCS
Current price: Rs 1,201
Target price: Rs 1,160
The stock has a downside till around the Rs 1,150-1,160 levels. Keep a stop at Rs 1,225 and short. Add to the position between Rs 1,170 and Rs 1,190. Book profits below Rs 1,160. A bounce above Rs 1,235, could lead to a pullback till Rs 1,270.
TATA MOTORS
Current price: Rs 296
Target price: Rs 284
The stock is above key support at Rs 290-295. If it falls below Rs 290, it could drop till Rs 280-284. Keep a stop at Rs 302 and short. Add to the position between Rs 288 and Rs 291. Book profits below Rs 284.
RELIANCE INDUSTRIES
Current price: Rs 708
Target price: Rs 690
The stock will test support between Rs 685 and Rs 690. If it drops below Rs 685, it could fall till Rs 650. Keep a stop at Rs 725 and short. Add to the position between Rs 695 and Rs 700. Book profits at Rs 690. Or book partial profits and hold the reduced position with a stop of Rs 695 and a five-session target of Rs 650.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated