NIFTY
Current: 5,567 (July Fut: 5,569);
Target: NA
The index is still range-trading between support at 5,550 and resistance at 5,650. A tight strangle of long 5,500p (41) and long 5,600c (52) would gain around 15-20 in net value if either option is hit. Another strategy is a put butterfly with a long 5,600p (82), two short 5,500p (2x 41) and a long 5,400p (19). This loses a maximum 19 and gains a maximum 81, with breakevens at 5,581, 5,419.
BANK NIFTY
Current: 11,229 (July fut: 11,241);
Target: 11,025
The financial index tested key support at 11,175 and if that is broken, it could fall till 11,000 or lower. On the upside, there's resistance between 11,275-11,325. Keep a stop at 11,300 and go short. Add to the position between 11,125-11,150 and book profits below 11,025.
HINDALCO
Current: Rs 182
Target: Rs 190
The stock has started to recover off support in the Rs 170-175 range. It could have an upside till around Rs 190-192 in the next four sessions. Keep a stop at Rs 177 and go long. Add to the position between Rs 183-185 and reset the stop to Rs 181. Book profits above Rs 190.
L&T
Current: Rs 1,793
Target: Rs 1,735
The stock is testing key support at Rs 1,780-1,800. If that breaks, it could fall till Rs 1,735. On the upside, there's resistance at Rs 1,820. Keep a stop at Rs 1,810 and go short. Add to the position between Rs 1,765-1,785 and reset the stop to Rs 1,800. Start booking profits at Rs 1,735.
TCS
Current: Rs 1,125.05
Target: Rs 1,070
The stock seems to be on the verge of a downside breakout. It could fall till Rs 1,065-1,070 within the week if support at Rs 1,120 is broken. Recoveries could move till the Rs 1,145 level. Keep a stop at Rs 1,135 and go short. Add to the position between Rs 1,090-1,110 and reset the stop to Rs 1,125. Start booking profits at Rs 1,070.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
