NIFTY
Current: 5,814 (futures: 5,811)
Target: NA
The index closed at the 200 day moving average. Use the next support at 5,775 as a stop loss for long positions. Use the resistance at 5,850 as a stop loss for shorts. Breakouts or breakdowns could go till 5,725 or 5,900. There's a slight downside bias. A strangle of long 5,600p (11) and a long 6,000c (11) is zero-delta and it could double on a big move.
BANK NIFTY
Current: 11,821 (futures: 11,845)
Target: 11,685
Assume a futures premium of 20-30. If the financial index drops below 11,800, the next support is at 11,685. Below it, it could fall till 11,600. Keep a stop at 11,920 and short. Add to the position between 11,775 and 11,800. Book profits or partial profits at 11,685.
RELIANCE COMMUNICATIONS
Current price: Rs 124;
Target price: Rs 128
New high on decent volumes. Keep a stop at Rs 121 and go long. Add to the position between Rs 125 and Rs 126. Book profits above Rs 128
NTPC
Current price: Rs 146.6;
Target price: Rs 141
Key support at Rs 146. if that breaks, the stock could fall till Rs 141. Keep a stop at Rs 148 and short. Add to the position between Rs 144 and Rs 146. Book profits at Rs 141 or book partial profits, reset the stop loss to Rs 144 and hold with a new target of Rs 137.
RANBAXY
Current price: Rs 353;
Target price: Rs 343
The stock hit a new 52-week low at Rs 342-343 and bounced. It could test the Rs 343-345 support again. Keep a stop at Rs 357 and short. Add to the position between Rs 348 and Rs 350. Book profits below Rs 343.
Current: 5,814 (futures: 5,811)
Target: NA
The index closed at the 200 day moving average. Use the next support at 5,775 as a stop loss for long positions. Use the resistance at 5,850 as a stop loss for shorts. Breakouts or breakdowns could go till 5,725 or 5,900. There's a slight downside bias. A strangle of long 5,600p (11) and a long 6,000c (11) is zero-delta and it could double on a big move.
BANK NIFTY
Current: 11,821 (futures: 11,845)
Target: 11,685
Assume a futures premium of 20-30. If the financial index drops below 11,800, the next support is at 11,685. Below it, it could fall till 11,600. Keep a stop at 11,920 and short. Add to the position between 11,775 and 11,800. Book profits or partial profits at 11,685.
RELIANCE COMMUNICATIONS
Current price: Rs 124;
Target price: Rs 128
New high on decent volumes. Keep a stop at Rs 121 and go long. Add to the position between Rs 125 and Rs 126. Book profits above Rs 128
NTPC
Current price: Rs 146.6;
Target price: Rs 141
Key support at Rs 146. if that breaks, the stock could fall till Rs 141. Keep a stop at Rs 148 and short. Add to the position between Rs 144 and Rs 146. Book profits at Rs 141 or book partial profits, reset the stop loss to Rs 144 and hold with a new target of Rs 137.
RANBAXY
Current price: Rs 353;
Target price: Rs 343
The stock hit a new 52-week low at Rs 342-343 and bounced. It could test the Rs 343-345 support again. Keep a stop at Rs 357 and short. Add to the position between Rs 348 and Rs 350. Book profits below Rs 343.
The target prices and projected movements given above are in terms of the next one trading session, unless otherwise stated