NIFTY
Current: 5,409 (futures: 5,390)
Target: NA
Futures backwardation may reverse into a premium of 15-25 points. Support at 5,350 (stop-loss for long positions) and resistance at 5,475 (stop-loss for shorts). Breakouts could go till 5,275 or 5,500. September options are overpriced. But a long 5,300p (126) and short 5,200p (96) combination costs 30, with a potential return of 10-15 if the market falls till 5,325.
BANK NIFTY
Current: 8,904 (futures: 8,936);
Target: 8,675
Keep a stop at 9,050 (futures price) and go short. Add to the position between 8,800 and 8,850. Book profits below 8,675.
HCL TECH
Current: Rs 1,017.65;
Target: Rs 1,040
New high at Rs 1,026. Keep a stop at Rs 1,005 and go long with a three-session timeframe. Add to the position between Rs 1,025 and Rs 1,030. Book profits above Rs 1,040.
HDFC
Current: Rs 695.5;
Target: Rs 725
The stock bounced from a support near its 52-week low of Rs 630-635. Keep a stop at Rs 685 and go long. Add to the position between Rs 705 and Rs 710. Book profits above Rs 725.
ONGC
Current: Rs 248.7;
Target: Rs 237
Keep a stop at Rs 253 and go short. Add to the position between Rs 242 and Rs 245. Book profits below Rs 237.
Current: 5,409 (futures: 5,390)
Target: NA
Futures backwardation may reverse into a premium of 15-25 points. Support at 5,350 (stop-loss for long positions) and resistance at 5,475 (stop-loss for shorts). Breakouts could go till 5,275 or 5,500. September options are overpriced. But a long 5,300p (126) and short 5,200p (96) combination costs 30, with a potential return of 10-15 if the market falls till 5,325.
BANK NIFTY
Current: 8,904 (futures: 8,936);
Target: 8,675
Keep a stop at 9,050 (futures price) and go short. Add to the position between 8,800 and 8,850. Book profits below 8,675.
HCL TECH
Current: Rs 1,017.65;
Target: Rs 1,040
New high at Rs 1,026. Keep a stop at Rs 1,005 and go long with a three-session timeframe. Add to the position between Rs 1,025 and Rs 1,030. Book profits above Rs 1,040.
HDFC
Current: Rs 695.5;
Target: Rs 725
The stock bounced from a support near its 52-week low of Rs 630-635. Keep a stop at Rs 685 and go long. Add to the position between Rs 705 and Rs 710. Book profits above Rs 725.
ONGC
Current: Rs 248.7;
Target: Rs 237
Keep a stop at Rs 253 and go short. Add to the position between Rs 242 and Rs 245. Book profits below Rs 237.
The target prices and projected movements given above are in terms of the next trading session, unless stated otherwise