NIFTY
Current: 5,613 (July Fut: 5,619);
Target: NA
The resistance at 5,650 and above holds. Support is visible at 5,550. Range-trading would traverse that zone 5,550-5,650. Breakouts today could go till 5,725 or 4,575. A put butterfly of long 5,600p (51), two short 5,500p (2x22) and a long 5,400p (8) covers the possibility of range-trading and downside breaks. Net cost is 15. Breakevens are at 5,585, 5,415. Maximum gain at 5,600 could be 85.
TATA MOTORS
Current: Rs 984
Target: Rs 945
There's key support between Rs 975-985. If that's broken, the stock could fall till Rs 935-945. It holds, the recovery could go till Rs 1,020. Keep a stop at Rs 1,000 and go short. Add to the position between Rs 965-975 and reset the stop to Rs 990. Book profits at Rs 945. If Rs 1,000 is broken, consider a long position with a target of Rs 1,020.
BHARTI AIRTEL
Current: Rs 398
Target: Rs 410
A small reaction has been followed by an up move. The stock could test its recent highs of Rs 410 again in the next 3-5 sessions. Keep a stop at Rs 391 and go long. Add to the position between Rs 401-404 and reset the stop to Rs 399. Start booking profits at Rs 410.
TITAN
Current: Rs 233
Target: Rs 242
The stock is on the verge of an upside breakout. If it crosses Rs 235, it could head till Rs 242-245. Keep a stop at Rs 229 and go long. Add to the position between Rs 235-237 and reset the stop to Rs 233. Book profits above Rs 242.
YES BANK
Current: Rs 324;
Target: Rs 310
The stock is reacting from resistance at Rs 330. It could slide till Rs 310 if the downtrend persists. Keep a stop at Rs 327 and go short. Add to the position between Rs 317-320 and reset the stop to Rs 323. Book profits at Rs 310. If Rs 327 is broken, the Rs 330 resistance will be tested again.
The target price and projected movements given above are in terms of the next one trading session
