NIFTY
Current: 5,971 (futures: 6,001)
Target: NA
The index tested key support at 5,950-5,975. Today's session could see a move till 6,025 (futures: 6,055) or 5,900 (futures 5,930). Stop-loss long positions at 5,930 (futures 5,960) and stop-loss shorts at 6,020 (futures 6,050). A strangle of long 6,200c (11) and long 5,800p (14) with a combined stop of 18 is tempting.
TATA MOTORS
Current price: Rs 327
Target price: Rs 340
Tata Motors has made a breakout to a new 52-week high on excellent volumes. Go long with a three-session timeframe and stop-loss at Rs 321. Initial target is Rs 340. Add to the position between Rs 331 and Rs 334. At Rs 340, either book profits or reset stop-loss to Rs 332 and hold for a secondary target of Rs 355.
GAIL
Current price: Rs 370.6
Target price: Rs 385
Gail might hit Rs 385-390 if it closes above resistance at Rs 375. Keep a stop at Rs 364 and go long with a five-session timeframe. Add to the position between Rs 375 and Rs 378. Book profits above Rs 385.
TATA STEEL
Current price: Rs 421
Target price: Rs 405
Tata Steel has corrected to a key support of Rs 415-420. The next support is Rs 400-405. Keep a stop at Rs 425 and go short. Add to the position between Rs 410 and Rs 415. Book profits below Rs 405. A bounce beyond Rs 426 could mean an upside till Rs 435.
YES BANK
Current price: Rs 504.5
Target price: Rs 510
The bank hit a new high of Rs 509-510 and corrected back till Rs 504-505. If the uptrend holds, the stock should hit Rs 510-plus today. Keep a stop at Rs 500 and go long. Add to the position between Rs 506 and Rs 508. Book profits above Rs 510.
The target prices and projected movements given above are in terms of the next one trading session, unless otherwise stated