NIFTY
Current: 4,832 (Dec fut: 4,843
Target: NA
The one-session swing limits would be 4,700 and 4,950. Stop short futures at 4,875 and long futures at 4,775. The previously strangle of long 4,700p (83) and long 4,900c (103) can be held. It will gain 20-25 if the index swings by 100 points.
BANKNIFTY
Current: 8,564 (Dec fut: 8,598)
Target: 8,325
The financial index has resistance at between 8,675 and 8,725. On the downside, it has support at 8,450. The support is likely to be tested again and if it breaks, a fall till 8,300-8,350 is likely. Keep a stop 8,700 and short. Add to the position between 8,400 and 8,450. Book profits below 8,325.
SAIL
Current price: Rs 80.2
Target price: Rs 75
The stock has hit a new 52-week low. Chart projections suggest that it could fall further, till around Rs 74-75. Keep a stop at Rs 83 and short. Add to the position between Rs 78 and Rs 79.5. Start booking profits below Rs 75.
ITC
Current price: Rs 201
Target price: Rs 207.5
The stock is receiving defensive investment. It has the potential to test its recent highs of Rs 215-216 and in a two-session timeframe, it could rise till Rs 207-208. Keep a stop at Rs 197 and go long. Add to the position between Rs 202 and Rs 204. Book profits above Rs 207.
STERLITE
Current price: Rs 99
Target price: Rs 94
The stock has hit a new low. Chart projections suggest it could slide till around Rs 93-94. Keep a stop at 102 and go short. Add to the position between Rs 97 and Rs 99. Start booking profits below Rs 94. If Rs 102 is broken, a rise till Rs 105 is possible.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
