NIFTY
Current: 5,554 (futures: 5,561);
Target: NA
The index could swing between 5,475 and 5,625 though it has a bearish bias. Stop-loss shorts at 5,600 and stop-loss long positions at 5,500. A strangle of long 5,500p (31) and long 5,600c (33) costs 64. It could gain 20-25 if either option is struck.
GAIL
Current price: Rs 375;
Target price: Rs 381
The stock could bounce back till somewhere between Rs 381 and Rs 383. Keep a stop at Rs 372 and go long. Add to the position between Rs 377 and Rs 380. Book profits above Rs 381.
STERLITE INDS
Current price: Rs 99;
Target price: Rs 96
If support at Rs 98 breaks, the stock will drop to Rs 95-96. Keep a stop-loss at Rs 100.5 and short. Add to the position between Rs 97 and Rs 98. Book profits below Rs 96.
RELIANCE INDS
Current price: Rs 832.5;
Target price: Rs 810
If the downtrend breaks support at Rs 825-830, the next support is at Rs 800-810. Keep a stop at Rs 842 and short. Add to the position between Rs 815 and Rs 825. Book profits below Rs 810.
BANK NIFTY
Current: 10,920 (futures: 10,940);
Target: 10,800
A fall till 10,775-10,800 is possible. Go short with a stop-loss at 10,975. Add to the position between 10,850 and 10,875. Book profits below 10,800. A breakout beyond 10,975 could push the index till 11,075.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated