NIFTY
Current: 5,647 (July Fut: 5,655)
Target: NA
The Nifty is likely to test resistance between 5,650-5,725 in the next three sessions. On the downside, it has supports at 5,600, 5,550, and 5,500. A bullspread of long 5,700c (80) and short 5,800c (45) has a good risk:reward equation costing 35 with a maximum return of 65 and breakeven at 5,735. As a trading position, delta-calculations suggest it would gain 15-20 in value if the Nifty hits 5,700.
BANK NIFTY
Current: 11,245 (July Fut:11,246)
Target: 11,400
The financial index has made a mini breakout to a 30-day high. It could have an upside till around 11,400-11,450. Keep a stop at 11,170 and go long. Add to the position between 11,300-11,350 and reset the stop to 11,275. Book profits at 11,400.
JP ASSOCIATES
Current: Rs 81
Target: Rs 85
The stock moved up on short-covering. It could have an upside till around the Rs 85 level. Keep a stop at Rs 78.5 and go long. Add to the position between Rs 82-83 and reset the stop to Rs 81. Start booking profits at Rs 85.
BHARTI AIRTEL
Current: Rs 395
Target: Rs 389
The stock seems to have completed a surge till Rs 405 and its likely to see a correction till Rs 389 before it makes its next upmove. Keep a stop at Rs 399 and go short. Add to the position between Rs 392-394 and reset the stop to Rs 396. Start booking profits at 389.
ONGC
Current: Rs 274
Target: Rs 267
The stock has started losing ground again and it could slide till support at around Rs 265-267. Keep a stop at Rs 277 and go short. Add to the position between Rs 270-273 and reset the stop loss to Rs 274. Start booking profits at Rs 267.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
