NIFTY
Current: 5,026 (Sept fut: 5,029) ,
Target: NA
The index could move till 5,125, or down till 4,800 if it breaks out from the current range of 4,900-5,050. A wide long strangle of long 5,200c (44) and long 4,800p (55) costs 99 and it could gain 20-25 if the index swings 100 points. Continue to hold the previously recommended bearspread of long 4,900p (76) and short 4,800p (55).
TATA STEEL
Current: Rs 469.5
Target: Rs 485
The stock has support at Rs 463 and a possible upside till the Rs 485 level in a 3-session timeframe. Keep a stop at Rs 463 and go long. Add to the position between Rs 474-480. Book profits above Rs 485. If Rs 463 is broken, the next support is Rs 454. In that case, consider a short with a stop-loss at Rs 468.
INFOSYS
Current: Rs 2,352
Target: Rs 2,465
The stock has upside resistance at Rs 2,385-2,400 and it's next support is at Rs 2,300-2,310. Breakouts could go till Rs 2,500 or till 2,200 in five sessions if the Rs 2,300-2,400 range is broken. Keep a stop at Rs 2,320 and go long. Add to the position between Rs 2,400-2,420. Book partial profits at Rs 2,465 and hold the rest till Rs 2,500.
BAJAJ AUTO
Current: Rs 1,629
Target: Rs 1,690
The stocks seems to be in an uptrend and it could test resistance at Rs 1,690-1,700 if it passes resistance at Rs 1,640-1,650. Keep a stop at Rs 1,610 and go long. Add to the position between Rs 1,645-1,660 and reset the stop to Rs 1,640. Start booking profits at above Rs 1,690.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
