NIFTY
Current: 4,941 (Sep fut: 4,941)
Target: NA
The index remains range-bound between 5,050 and 4,900, with a downside bias. It could slide till 4,800 or rise till 5,100. A long strangle with long 4,800p (79) and long 5,100c (52) would gain 25-35 in value if the index swung 100-plus points. Alternatively, hold the previously recommended bearspread, with a long 4,900p (108) and short 4,800p (79).
ICICI BANK
Current: Rs 852
Target: Rs 820
The stock seems to have turned bearish, after failing to break resistance at Rs 880-890. It could test recent lows at Rs 810-820. Keep a stop at Rs 870 and go short. Add to the position between Rs 830-840. Book profits below Rs 820. Be prepared for high volatility.
CAIRN
Current: Rs 288
Target: Rs 310
The stock has severe resistance at Rs 291-293. But it breaches that, it could rise till around Rs 310-312 in a five session perspective. On the downside, it has support between Rs 282-284. Keep a stop at Rs 283 and go long. Add to the position between Rs 292-295. Book profits above Rs 310.
TATA MOTORS
Current: Rs 139.5
Target: Rs 132
The trend is negative, with a downwards breakout. However, while the recent split adds liquidity, it also makes it difficult to judge price targets. There is a three-session target of Rs 130-132 and resistance above, between Rs 141-144. Keep a stop at Rs 143 and go short. Add to the position between Rs 135-137. Book profits below Rs 132.
DLF
Current: Rs 199.7
Target: Rs 190
The stock could rise till around Rs 205-207 if yesterday's uptrend is maintained. It could also fall till Rs 189-190 within the next three sessions if the trend reverses. Keep a stop at Rs 203 and go short. Add to the position between Rs 194-196. Book profits below Rs 190.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
