NIFTY
Current: 4,756 (Dec fut: 4,777)
Target: NA
A sharp recovery after a new 52-week low may have been partly driven by short-covering. A big one session swing till 4,640 or 4,900 is possible today. The index may open with a large gap. Stop-loss long futures at 4,675 and short futures at 4,825. A wide strangle of 4,500p (67) and short 5,000c (55) could gain a net 15-20 on a big swing.
BANK NIFTY
Current: 8,472 (Dec fut: 8,475)
Target: 8,300
Despite a recovery on settlement day, the financial index continues to look bearish. Keep a stop at 8,600 and short with a target of 8,250-8,300. Add to the position between 8,400 and 8,450. Start booking profits at 8,300. If 8,600 is broken, the index could rise till 8,800.
RELIANCE INDS
Current price: Rs 773
Target price: Rs 755
There's major resistance between Rs 775 and Rs 780. On the downside, support at Rs 755 could be tested. Keep a stop at Rs 780 and go short. Add to the position between Rs 760 and Rs 765. Book profits at Rs 755. If Rs 780 is broken, a rise till Rs 800 is possible.
BHARTI AIRTEL
Current price: Rs 379
Target: Rs 365
The stock is likely to test resistance at Rs 385. On the downside, its next support is at Rs 365. So, a range of Rs 365-385 is likely in the next two-three sessions. Keep a stop at Rs 385 and go short. Add to the position between Rs 370 and Rs 374. Book profits at Rs 365. If Rs 385 is broken, a rise till Rs 395 is possible.
ONGC
Current price: Rs 255
Target price: Rs 265
The stock has major resistance at Rs 258-260. If it crosses that, it could go till Rs 265. Keep a stop at Rs 252 and go long. Add to the position between Rs 260 and Rs 262. Book profits above Rs 265. If Rs 252 is broken, a slide till Rs 244 is possible.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
