NIFTY
Current: 5,616 (July Fut: 5,620)
Target: NA
The index could swing 100-odd points, till either 5,700 or 5,500 within the week. A long straddle of long 5,600c (94) and long 5,600p (79) is a good trading position. Delta calculation suggests the option, which goes into the money, will gain about 50-60, while the option that moves away from money will lose 15-20. Since the straddle is effectively zero-delta, it shouldn't lose value, whatever the market does.
DLF
Current: Rs 229
Target: Rs 218
The stock could slide till it hits reliable support at Rs 218. Keep a stop at Rs 233 and go short. Add to the position between Rs 224-226 and reset the stop to Rs 230. Start booking profits below Rs 219. If Rs 233 is broken, DLF could bounce till Rs 242.
HINDALCO
Current: Rs 180
Target: Rs 170
The stock has seen significant selling pressure which could push it down till the Rs 170 level in the next 3-5 sessions. It's possible that it might fall further as well. Keep a stop at Rs 183 and short. Add to the position between Rs 176-178 and reset the stop to Rs 180. Book profits at Rs 170. If Rs 183 is broken, the bounce could go till Rs 188.
ITC
Current: Rs 202.5o
Target: Rs 209
The stock could test its recent 52-week high of Rs 206 and it may climb above that, and hit the Rs 210 levels. With a 3-session timeframe, go long with a stop loss at Rs 198 and a target of Rs 206. At above Rs 206, you can either book partial profits, or add to the position, depending on your level of optimism. Book profits above Rs 209.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
