Nifty Current
Price: 5,482 (June Futures: 5,498.5),
Target Price: NA
The Nifty stays range-bound. A long June 5,600c (38), long June 5,400p (44) coupled to a short 5,300p (23) and a short 5,700c (15) costs a net 46 with breakevens at 5,356, 5,644. In the event of a breakout, it will gain a maximum 56 each-way. What's attractive is that chances exist of making trading gains on both legs if the market continues to swing between 5,400-5,600.
BankNifty
Current price: 10,717 (June futureS: 10,732)
Target price: 10,300
There's key support at 10600. If that is broken, the BankNifty could fall till 10,300 or lower. Another rate hike could trigger a downside breakout. On the upside, there's resistance at 10,850-10,900 in case of a relief rally. Volatility is very likely, given RBI's impending review. Keep a stop at 10,850 and short. Add to the position between 10,500-10,550.
Reliance Industries
Current price: Rs 925,
Target price: Rs 890
RIL is coming under selling pressure again. It's likely to test support between 880-900 within the next three sessions in this downmove. Keep a stop at 945 and go short Add to the position 905-915 and reset the stop to 925. Start booking profits at 890.
Cipla
Current price: Rs 340,
Target price: Rs 352
The stock seems to have developed a steady uptrend. It could have a target of between 350-355 in the next three sessions. Keep a stop at 335 and go long. Add to the position between 342-345 and reset the stop to 341. Start booking profits above 352.
IDFC
Current price: Rs 132
Target price: Rs 127
The stock has seen some selling pressure, which could push it down till 126-127 in the next three sessions. Keep a stop at 135 and go short. Add to the position between 128-130 and reset the stop loss to 132. Start booking profits at 127.
