NIFTY
Current: 5,098 (Oct fut: 5,105)
Target: NA
The Nifty could swing till either 5,200, or 5,000 today. It is likely to open either high at 5,150, or low at 5,050. Keep a stop-loss at 50 points off the opening. That is, if the index opens at 5,050 (or 5,150), stop-loss short positions at 5,100 (or 5,200) and long positions at 5,000 (or 5,100). In morning trading, a cheap October 5,200c (5) and long October 5,000p (4) will be edge of expiry. If you have a clear directional bias, either may be worth taking.
BANKNIFTY
Current: 9,648 (Oct fut: 9,662)
Target: 9,450
The financial index closed quite weak and it could fall till the 9,400 level on settlement. Keep a stop at 9,725 and go short. Add to the position between 9,550 and 9,575. Book profits below 9,450. If 9,725 is broken and the bank Nifty rebounds, the next resistance is at 9,850.
STERLITE
Current: Rs 116
Target: Rs 109
The stock is resting on key support at Rs 115. If that breaks, it will test the next support at Rs 108-110. If 108 is broken. It could fall till it tests support Rs 100-103. Keep a stop at Rs 119 and short. Add to the position between Rs 112 and Rs 113. Book partial profits at Rs 109 and hold the rest for a five-session target of Rs 103.
BAJAJ AUTO
Current: Rs 1,694
Target: Rs 1,740
The stock moved to a new high on excellent volumes though it pulled back slightly on profit=taking. If it breaks past Rs 1,710-1,720, it could hit Rs 1,750. Keep a stop at Rs 1,670 and go long. Add to the position between Rs 1,705 and Rs 1,720. Book profits above Rs 1,740.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
