NIFTY
Current: 5,057 (Aug fut: 5,069)
Target: NA
Despite a small pull-back, the index continues to look bearish. It should test support at 4,950 before settlement. If 4,950 breaks, it could fall till 4,800. Upside, resistance is visible at 5,125 and again at 5,175. If you sell the future, stop loss either at 5,125 or 5,175. A (previously recommended) long strangle at long 4,900p (27) and long 5,200c (27) could gain 15-25 in value if the market moves 100-150 points in either direction.
COAL INDIA
Current: Rs 398
Target: Rs 411
The stock has bucked the overall trend and moved up slightly. It could run up till around the Rs 410-415 levels but there's some resistance at Rs 406-408. Keep a stop at Rs 393 and go long. Add to the position between Rs 401-404 and reset the stop to Rs 398. Start booking profits at Rs 411.
TATA MOTORS
Current: Rs 779
Target: Rs 735
The stock hit a new low on heavy selling. It has a target projection of about Rs 725-730 within settlement and a rebound would hit resistance at Rs 800-810. Keep a stop at Rs 800 and short. Add to the position between Rs 765-775 and reset the stop to Rs 785. Book profits below Rs 735.
IDFC
Current: Rs 112
Target: Rs 100
The stock hit a new low on heavy selling. It has a lot of resistance between Rs 115-120. If it closes below Rs 110, it could slide till Rs 95-100. Keep a stop at Rs 117 and short with a 5-session target of Rs 105. Add to the position between Rs 108-111. Book profits below Rs 100. Be prepared for high intra-day volatility.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
