NIFTY
Current: 4,835 (Sept: 4,840)
Target: NA
Despite recovery from support at 4,750, the index continues to look bearish. Likely target within settlement is a new 52-week low of 4,600-4,650. A bounce above 4,900 could lead to a pullback till 4,975-5,050. Stop for a short futures is 4,900. A long strangle of long 5,000c (7) and a long 4,700p (19) would gain 15-20 if either option is struck.
BANK NIFTY
Current: 9,385 (Sept fut: 9,395)
Target: 9,175
The financial index rebounded from support at 9,175. It's likely to test those levels again. Keep a stop at 9,475 and short. Add to the position between 9,250 and 9,300. Book profits between 9,175 and 9,200. If the 9,475 stop-loss is broken, the index could move till 9,600.
HINDALCO
Current: Rs 129
Target: Rs 124
The stock hit a new 52-week low on high volumes. It will test Rs 124-125 again and it could fall till Rs 115-116 inside the settlement, if the Rs 124 support is broken. Keep a stop at Rs 133 and go short. Add to the position between Rs 125 and 127. Either book profits below Rs 125, or book partial profits and hold with a target of Rs 116.
RELIANCE INDUSTRIES
Current: Rs 759
Target: Rs 735
The stock is poised at a critical support. If it stays above Rs 755, it could rise till Rs 785. If it falls below Rs 755, it has a downside till the Rs 725 and 735 level inside settlement. Keep a stop at Rs 772 and go short. Add to the position between Rs 747-755, Book profits below Rs 735.
DLF
Current: Rs 201.5
Target: Rs 212
The stock is range-trading Rs 195-205. Breakouts could go till Rs 212-215, or Rs 180-185. Keep a stop at Rs 198 and go long. Add to the position between Rs 205 and 208. Start booking profits above Rs 212. If the Rs 198 stop is broken, and the stock drops below Rs 195, a short can be taken.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
