NIFTY
Current: 5,993 (futures: 6,034)
Target: 6,100 (futures: 6,150)
New high of 6,006. Futures trading at 40 points premium. The uptrend could run till 6,100-6,125 (futures 6,150-6,175) with possible corrections down to 5,925 (futures 5,965). Keep a stop at 5,925 (futures 5,965) if you go long. A bullspread of long 6,100c (56) and short 6,200c (27) costs 29. It could double if 6,100 is struck.
BANK NIFTY
Current: 12,788 (futures: 12,875)
Target: 13,000 (futures: 13,100)
The financial index hit a new high of 12,811 and the futures is trading at a premium of 90 points. Difficult to set a target but 13,000 is possible. Keep a stop at 12,650 (futures 12,750) and go long. Add to the position above 12,810 (futures 12,900) Book profits beyond 13,000 (futures 13,100).
BPCL
Current price: Rs 366.5
Target price: Rs 381
The stock is testing resistance between Rs 365 and Rs 370. If it moves past Rs 370, it could run till Rs 381-385. Keep a stop at Rs 360 and go long. Add to the position between Rs 370 and Rs 372. Book profits above Rs 381.
JP Associates
Current price: Rs 101.5
Target price: Rs 106
The stock could run till the Rs 106-107 levels. Keep a stop-loss at Rs 99.5 and go long. Add to the position between Rs 102 and Rs 103. Book profits above Rs 106.
IDFC
Current price: Rs 180
Target price: Rs 188
The stock has broken out to a new high. It may have a three-session target of Rs 188-190. Keep a stop at Rs 175 and go long. Add to the position between Rs 181 and Rs 183. Book profits above Rs 188.
The target prices and projected movements given above are in terms of the next one trading session, unless otherwise stated
