NIFTY
Current: 5,486 (May fut: 5,486),
Target: NA
The index is now displaying a bearish short-term pattern of lower highs and it may breach the recent low of 5,448. An aggressive trader can short in May futures with a stop loss at 5,550 and a target of 5,400. Bearspreads like long 5,400p (49) and short 5,300p (24) or long 5,500p (89) and short 5,400p, both offer good risk to reward ratios.
HINDALCO
Current: Rs 195
Target: Rs 184
The stock is being hammered and if it falls below support at Rs 193, it could fall till Rs 183 in the next three sessions. Keep a stop at Rs 200 and short. Increase the position between Rs 190-193 and reset the stop to Rs 196. Book profits below Rs 184.
STERLITE
Current: Rs 168
Target: Rs 163
The scrip has registered a sharp drop. Minimum target is Rs 163 and if Rs 163 is broken, next support is 155-160. Sterlite may test the 52-week low of Rs 149 inside May settlement. Keep a stop at Rs 173 and short. One possibility is to book profits at Rs 163. Otherwise, add to the position between Rs 160-163, reset the stop to Rs 167 and hold with a three-session target of Rs 155. If 173 is broken, the bounce may go till Rs 183.
ICICI BANK
Current: Rs 1,052.15
Target: Rs 1,025
The stock is likely to test its recent low at around Rs 1,020-1,030 in the next three sessions. Keep a stop at Rs 1,065 and short. Add to the position between Rs 1,035-1,045 and reset the stop to Rs 1,055. Start booking profits at around Rs 1,025.
LARSEN & TOUBRO
Current: Rs 1,501
Target: Rs 1,470 (1-session)
The stock made a downside breakout on Wednesday and the move was reinforced on Thursday. It has a potential three-session target of between Rs 1,410-1,430. Keep a stop at Rs 1,520 and go short. Add to the position between Rs 1,480-1,490 and reset the stop to Rs 1,500. Book profits at Rs 1,470 if you are holding for one session. Else, hold for three sessions with a target of Rs 1,430.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
