NIFTY
Current: 5,834 (futures: 5,841);
Target: NA
Resistance at 5,850, support at 5,800. The index could move between 5,750-5,900 if there's a big session. Stop loss long positions at 5,790 and stop loss shorts at 5,865. A strangle of long 5,800p (17) and long 5,900c (11) could gain 10-15.
BANK NIFTY
Current price: 12,576 (fut: 12,641);
Target price: Rs 460 (fut: 12,825)
The financial index shot up 350 points. The futures premium is high given short time to expiry. The index has resistance at 12,625-12,675. On the downside, it has support at 12,350 (fut 12,425). Keep a stop at 12,500 (fut: 12,575) and go long. Add between 12,650-12,675 and book profits at 12,750 (12,825).
L&T
Current price: Rs 1,534 ;
Target price:Rs 1,560
If L&T crosses Rs 1,540, the stock could run till Rs 1,560, or Rs 1,580. Keep a stop at Rs 1,520 and go long. Add to the position between Rs 1,540 and Rs 1,550. Book profits or partial profits above Rs 1,560 and hold for a target of Rs 1,585 with a new stop loss at Rs 1,555.
INFOSYS
Current price: Rs 2,245 ;
Target price: Rs 2,100
The stock could test the 52-week low of Rs 2,204 and if that breaks, it will drop till Rs 2,100. Keep a stop at Rs 2,295 and short. Add to the position between Rs 2,175 and Rs 2,200. Book profits at Rs 2,100.
COAL INDIA
Current price: Rs 312.5;
Target price: Rs 300
Resistance at Rs 315 could be a barrier. The stock may react back till Rs 300. Keep a stop at Rs 316 and short. Add to the position between Rs 305 and Rs 307. Book profits at Rs 300.
The target prices and projected movements given above are in terms of the next one trading session, unless otherwise stated
