Nifty
Current price: 5,536, (March futures 5,554)
Target price: NA
The Nifty has hit serious resistance in the 5,525-5,600 zone and it could be due for a pullback till the 5,350-5,400 level, if bulls decide to lighten up. A bearish view can be traded with a bearspread of long March 5,400p (76) laid off with a short March 5,300p (55). This costs 21 and breaks even if the Nifty hits 5,379, with a maximum return of 79. A bull should probably take a long Nifty future with a stop loss at 5,500.
IDFC
Current price: Rs 148,
Target price: Rs 143
The stock is reacting after a recent high and it could fall further until its hits support at 143-144 and it may drop to 138 if it falls below 143. Keep a stop at 151 and go short. Increase the position between 145 and 146 and reset the stop to 148. Book profits below 144 or hold for a three-session target of 138 with a stop-loss of 146.
JP Associates
Current price: Rs 86
Target price: Rs 90
The stock is rebounding from recent lows on good volumes. While the long term is negative, it may have the momentum to test 90-91 today. Keep a stop at 84 and go long. Increase the position between 88 and 89 and reset the stop to 87. Start booking profits above 90.
