NIFTY
Current: 5,405 (Aug fut: 5,429)
Target: NA
A downside breakout was confirmed. The Nifty could fall till 5,300 in the next two sessions and till 5,200 in the next five sessions. Upside resistance is visible at 5,450-5,475. That should be the stop loss zone for short futures positions. Previously recommended bearspreads like long 5,400p (83) and short 5,300p (49) remain valid. Net cost 34 and maximum return 66.
YES BANK
Current: Rs 307
Target: Rs 286
The stock has seen the beginnings of a downside breakout. It should test support at Rs 285-287 on Wednesday. Keep a stop at Rs 315 and short. Add to the position between Rs 295-300 and reset the stop to Rs 306. Start booking profits below Rs 286. If it drops below Rs 284, the target could be Rs 275
L&T
Current: Rs 1,659
Target: Rs 1,600
The stock's made a downside breakout and landed on a support at Rs 1,650-1,660. If that breaks, it should test support at Rs 1,590-1,600 and we could take that as an initial target. Keep a stop at Rs 1,690 and short. Add to the position between Rs 1,635-1,650 and reset the stop to Rs 1,665. Book profits below Rs 1,600.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
