NIFTY
Current: 5,988 (futures: 6,016);
Target: NA
The futures is at 30-40 premium. There was a sharp sell-off after a new high at 6,042. Key support is at 5,950-5,975 (futures 5,980-6,010). The session could swing till 5,925 (futures 5,950) or 6,050 (futures 6,080). Stop-loss shorts at 6,025 (futures 6,055) and stop-loss long positions at 5,950 (futures 5,980). A bearspread of long 5,900p (35) and short 5,800p (16) costs 19 and could double in value on a 50-point drop.
BANK NIFTY
Current: 12,709 (futures:12,778)
Target: 13,000
The futures is at 70-80 premium. The Bank Nifty has climbed 550-point, and corrected by 150 points. Next support is at 12,600-12,650 (futures 12,675-12,725). The five-session target could be 13,000 (futures 13,075). Stop-loss at 12,600 (futures 12,675) and go long. Add between 12,800 and 12,850 (futures 12,875-12,925). Book profits above 13,000 (futures: 13,075).
ESSAR OIL
Current price: Rs 73;
Target price: Rs 77
The stock has hit a new high of Rs 75-76 on excellent volumes. It could have a near-term target of Rs 77-78. Keep a stop at Rs 71 and go long. Add to the position between Rs 74 and Rs 75. Book profits or partial profits above Rs 77.
IDFC
Current price: Rs 184;
Target price: Rs 192
The stock hit a new high (Rs 185). It could run to Rs 192-195 in the next week. Keep a stop at Rs 179 and go long. Add to the position between Rs 185 and Rs 187. Book profits above Rs 192
MARUTI
Current price: Rs 1,585;
Target price: Rs 1,635
The stock has gone to a new high on excellent volumes. The nearest support is Rs 1,555-1,565. The upside could be Rs 1,635-1,650. Keep a stop at Rs 1,565 and go long. Add to the position between Rs 1,600 and Rs 1615. Book profits above Rs 1,635.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated