NIFTY
Current: 5,332 (Aug fut: 5,340);
Target: NA
The index continues to look bearish move. The 5,200-level may be tested and broken in the next five sessions. Short futures positions should be stoped between 5,375-5,400. Previously recommended bearspreads of long 5,400p (132) and short 5,300p (83) can be cashed out below 5,320. A deep bearspread of long 5,200p (49) and short 5,100p (26) will double in value if the Nifty drops below 5,250.
GLENMARK
Current: Rs 332
Target: Rs 345
The stock has a bullish intermediate pattern. It should test Rs 345-350 on this up move within the next 5 sessions. Keep a stop at Rs 327 and go long. Add to the position between Rs 336-340 and reset the stop to Rs 332. Book profits at Rs 345 or book partial profits and reset the stop to Rs 342 with a target of Rs 350.
GAIL
Current: Rs 467
Target: Rs 480
The stock should test resistance around Rs 480 and if it does breakout, it could go till Rs 500. Keep a stop at Rs 460 and go long. Add to the position between Rs 470-474. Book profits at Rs 480 or book partial profits and hold for a five session target of Rs 500. On the downside, the next support below Rs 460 is at Rs 450.
STERLITE INDUSTRIES
Current: Rs 151
Target: Rs 141
The stock is testing a key support at Rs 150. If it drops below Rs 150, it could fall till Rs 140 within the next three sessions. Keep a stop at Rs 154 and go short. Add to the position between Rs 147-150 and reset the stop to Rs 152. Start booking profits at Rs 141. If the Rs 154 stop is broken, Sterlite could bounce back till Rs 160 levels.
M&M
Current: Rs 680
Target: Rs 660
The stock has made a downside breakout, which has a chart based minimum target of Rs 655-660 and a probable target of Rs 635-640. Keep a stop at Rs 695 and go short. Add to the position between Rs 670-675 and reset the stop to Rs 680. Book partial profits at Rs 660 and hold the rest for the five session target of Rs 645.
