NIFTY
Current: 4,946 (Sept fut: 4,941, Oct Fut: 4,946),
Target: NA
The index goes into settlement range-trading between 4,900 and 5,000 and those can be used as, respectively, stop-losses for long (4,900) or short (5,000) futures positions. Possible moves during the settlement session could be till 4,800 or 5,100. A zero-delta long September 5,000c (9) and long 4,900p (15) strangle would be very profitable if either option is struck.
BANK NIFTY
Current: 9512 (fut: 9,520)
Target: 9,300
The financial index has strong resistance between 9,650 and 9,700 and support at 9,450-9,500. If it breaks out of that zone, it could move till 9,250 or 9,850. It seems to have a downside bias. Short with a stoploss at 9,575 and an initial target of 9,450.
Add to the position between 9,400 and 9,450. Book profits below 9,300.
L&T
Current: Rs 1,403.70
Target: Rs 1,325
The stock has hit successive lows on high volumes and it has a target projection till around Rs 1,315-1,325 in another two or three sessions. There could be short-covering on settlement and carryover may be required. Keep a stop at Rs 1,445 and go short. Add to the position between Rs 1,380 and Rs 1,395. Book profits below Rs 1,330.
SESA GOA
Current: Rs 196
Target: Rs 190
The stock made a downside breakout to a new low. It has some support at the current levels. But it should test the Rs 190-192 today and it could fall further, till around Rs 175-180 in the next 10 sessions. Keep a stop at Rs 201 and go short. Add to the position between Rs 193 and Rs 195. Either book profits below Rs 191 or carryover with a target of Rs 180.
ITC
Current: Rs 197.10
Target: Rs 204
The stock has made a sharp pullback after a recent downside breakout. It could move till Rs 203-205 on settlement. Keep a stop at Rs 194 and go long. Add to the position between Rs 199 and Rs 200. Start booking profits beyond Rs 204.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
