NIFTY
Current: 5,632 (July fut: 5,650),
Target: NA
The index may range-trade and consolidate between 5,600-5,700. Breakouts in the next three sessions may be till 5,500-5,800. A mildly bullish view is a long call butterfly, consisting of long 5,600c (120), two short 5,700c (2x69) and a long 5,800c (35). The net cost and maximum loss is 17 and the maximum gain of 83 comes at 5,700.
RELIANCE INDUSTRIES
Current: Rs 846
Target: Rs 825
If the downtrend continues, the stock could test support at Rs 820-825 today. Keep a stop at Rs 855 and go short. Add to the position between Rs 830-840 and reset the stop loss to Rs 845. Start booking profits below Rs 825. If the Rs 855 stop-loss is broken, the bounce could go till Rs 870.
SAIL
Current: Rs 142
Target: Rs 147
The stock is receiving support from bulls. It has a target of about Rs 147-148 if it crosses resistance at Rs 143-144. Keep a stop at Rs 140 and go long. Add to the position between Rs 144-145 and reset the stop to Rs 143. Start booking profits above Rs 147.
BHEL
Current: Rs 1,952
Target: Rs 1,900
If support holds at Rs 1,950, it could go back till Rs 2,020. Otherwise, BHEL will fall till Rs 1,900. Keep a stop at Rs 1,970 and go short. Add to the position between Rs 1,920-1,935 and reset the stop to Rs 1,950. Start booking profits at Rs 1,900. If 1,970 is broken, reverse and go long with a target of Rs 2,020 and stop at Rs 1960.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
