NIFTY
Current: 4,751 (Oct fut: 4,769)
Target: NA
The support between 4,725 and 4,750 continues to be tested. If it breaks, the downside would be 4,400 in the next five sessions. On the upside, there is resistance at 4,900. Short futures can be stop-lossed at 4,850. The long futures' stop-loss can be set at 4,725. The previously recommended bearspread of long 4,700p (123) and short 4,600p (90) costs 33 and it would gain 15-20 if the 4,700 level is hit.
BANK NIFTY
Current: 8,701 (Oct fut: 8,711)
Target: 8,500
The financial index could move till 8,950 on a pullback. It could also slide further, till around the 8,450-8,500 level after hitting a new 52-week low. Keep a stop at 8,800 and short. Add to the position between 8,575 and 8,625. Book profits below 8,500. If the 8,800 stop is broken, considere a long position with an initial target of 8,900-8,925.
JINDAL STEEL
Current: Rs 446
Target: Rs 410
Three sessions of high volume selling suggests a breakdown. The stock is testing key support at Rs 440-445 and it could drop till Rs 405-410 if it slips below that level. Keep a stop at Rs 455 and short with a 5-session perspective. Add to the position between Rs 435 and Rs 440. Book profits below Rs 410.
SUZLON
Current: Rs 34.85
Target: Rs 31.5
The stock is trading close to its 52-week low and it could drop till Rs 31.5-32 if it breaks the support of the 52-week low at Rs 34. Keep a stop at Rs 36.5 and short. Add to the position between Rs 33 and Rs 34. Book profits below Rs 32.
TATA MOTORS
Current: Rs 147.5
Target: Rs 155
The stock could be poised for a bounce till around the Rs 155-157 levels. Keep a stop at Rs 144 and go long. Add to the position between Rs 151 and Rs 154. Start booking profits above Rs 155. If the Rs 144 stop-loss is broken, go short with a target of Rs 138 and a stop-loss at Rs 147.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
