NIFTY
Current: 6,002 (futures: 6,042);
Target: NA
The index bounced from support at 5,965. The futures premium rose. It could go up till 6,050 (futures: 6,080-6,090) or back to 5,960 (futures 5,990-6,000). Stop-loss long positions at futures price of 5,990; stop-loss shorts at futures price 6,090. A strangle of long 6,200c (18) and long 5,800p (10) could gain 10-15 on a swing session.
ITC
Current price: Rs 286;
Target price: Rs 292
The stock may have an upside till Rs 292-294. Keep a stop at Rs 282 and go long. Add to the position between Rs 289 and Rs 291. Book profits above Rs 292.
LARSEN & TOUBRO
Current price: Rs 1,567;
Target price: Rs 1,480
The company is in a downtrend. There’s support between Rs 1,535 and Rs 1,555. If that breaks, a drop till Rs 1,475-1,500 is likely. Keep a stop at Rs 1,590 and go short with a three-session timeframe. Add to the position between Rs 1,535 and Rs 1,550. Book partial profits at Rs 1,500 and clear the position at Rs 1,480.
STATE BANK OF INDIA
Current price: Rs 2,493;
Target price: Rs 2,540
The bank has broken out to new highs on good volumes and consolidated above Rs 2,470. Potential target of Rs 2,620-2,650 in 10 sessions and three-session target of Rs 2,525-2,550. Keep a stop at Rs 2,470 and go long. Add to the position between Rs 2,510 and Rs 2,520. Book profits above Rs 2,540.
INFOSYS
Current price: Rs 2,344;
Target price: Rs 2,310
Infy often swings +/- Rs 150 to Rs 200 in the two sessions before and after results, (due on Friday). Key resistance is at Rs 2,365-2,385. The nearest support is Rs 2,310-2,330. Breakouts beyond Rs 2,310-2,385 could go till Rs 2,500 or Rs 2,250. The bias is negative. Go short with a stop at Rs 2,380 and an initial target of Rs 2,310. Add to the position if it closes below Rs 2,305 and reset the target to Rs 2,250.
The target prices and projected movements given above are in terms of the next one trading session, unless otherwise stated