NIFTY
Current: 5,648 (oct fut: 5,649);
Target: NA
Heavy selling towards end of yesterday. The index could move till 5,575 or bounce back till 5,725. Stop loss shorts at 5,700 and stop loss long positions at 5,600. The bearspread of long 5,600p (31) and short 5,500p (10) is attractive. It could gain 15-20 if 5,600 is struck.
BHARTI AIRTEL
Current: Rs 268;
Target: Rs 275
The stock could move till Rs 275-277 if it has another good session. Keep a stop at Rs 263 and go long. Add to the position between Rs 269 and Rs 271. Book profits above Rs 275.
HDFC
Current: Rs 744;
Target: Rs 760
If the stock clears resistance at Rs 750, it could run till the Rs 760-765 level. Keep a stop loss at Rs 737 and go long. Add to the position between Rs 748 and Rs 752. Book profits above Rs 760.
M&M
Current: Rs 829;
Target: Rs 810
A big sell-off on high volume could mean that the downtrend continues till Rs 800-810. Keep a stop at Rs 840 and short. Add to the position between Rs 815 and Rs 823. Book profits below Rs 810. If the Rs 840 stop is broken, a bounce till Rs 855 is possible.
BHEL
Current: Rs 245;
Target: Rs 233
If the selling pressure continues, BHEL could fall till Rs 230-233 levels. Keep a stop at Rs 250 and go short. Add to the position between Rs 238 and Rs 242. Book profits below Rs 233.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated