NIFTY
Current: 6,101.85 (Jan futures 6127),
Target: 6,170
The index has moved above resistance at 6,070 creating a pattern of higher intermediate highs. It could rise till between 6,150 and 6,175 today and it should have a target of 6,250 in the next three-five sessions. Keep a stop at 6,075 and go long if you take a long futures positions. An option bullspread of long Jan 6,200c (69) and short Jan 6,300c (35) also looks attractive with a five-session perspective. It has a potential maximum payoff of 66 versus a net cost of 34.
HIND UNILEVER
Current Price: Rs 309,
Target Price: Rs 318
A price breakout is backed by volume expansion. The stock could test its 52-week high of 320 over the next three sessions. Keep a stop at 305 and go long. Increase the position between Rs 311 and Rs 313. Start booking profits above the Rs 317 level.
WIPRO
Current Price: Rs 490,
Target Price: Rs 497
The stock is testing resistance in the Rs 490-500 zone. It’s likely to reach at least Rs 497 intra-day today and it may move further. Keep a stop at Rs 485 and go long. Add to the position between Rs 493 and Rs 495. Start booking profits above Rs 497.
(The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated)
