NIFTY
Current level: 5,136
Target level: 5,025
The downtrend on Tuesday confirms Monday's rise was technical. A falling tops pattern suggests the intermediate downtrend is still in force. Support at 5,000-5,025 may be tested again. There's resistance between 5,175 and 5,200. Possible actions with three-session perspective: 1) Sell May Nifty futures with a stop loss at 5,175; 2) A bearspread of long 5,100p (premium 90) and short 5,000p (59) — this costs 30 and pays a maximum of 70.
TATA MOTORS
Current Price: Rs 800
Target Price: Rs 785
The stock hit resistance at Rs 815-820 and settled at Rs 800. It has some support at Rs 790, but it's more likely to land on secondary support between Rs 780 and Rs 785. In a longer perspective, it could drop to Rs 765. Keep a stop at Rs 810 and go short. Trading intra-day, book profits below Rs 785. If you can hold a short futures position till Friday, target Rs 765.
SESA GOA
Current Price: Rs 400.65
Target Price: 390, Rs 410 (range-trade)
The stock has key support at Rs 390 and it could turn around from there. On the next bounce, a move till Rs 425 is likely. At the least, a swing between Rs 390 and Rs 410 is possible on Wednesday. If the session starts weak, go short with a stop loss at Rs 405. Cover below Rs 392 and go long (“double-plus”) with a stop loss at Rs 385 and a target of Rs 410.
(Devangshu Datta — The target price and projected movements given above are in terms of the next one trading session unless otherwise stated)