NIFTY
Current: 5,039 (futures: 5,072);
Target: NA
One-session swing expectations range from 4,925 to 5,200 after a flat session on Monday. Stop loss long futures and short futures at 5,000 and 5,100, respectively.
A long strangle with long 4,900p (58) and long 5,200c (62) would gain 20-25 on 100-point swing.
BANK NIFTY
Current: 9,175 (futures: 5,072);
Target: 9,450
The financial index has support at 9,025-9,075 and resistance at 9,250-9,300. Breakouts could go till 8,800 or 9,450-9,500. The outlook seems positive in the short-term. Keep a stop at 9,125 and go long. Add to the position between 9,300-9,350 and book profits above 9,450.
TATA STEEL
Current: Rs 289;
Target: Rs 310
The stock is seeing selling pressure. It could test support at the Rs 385-Rs 390 level. Keep a stop at Rs 420 and go short. Add to the position Rs 400-Rs 408. Book profits below 390. If Rs 420 is broken, the next resistance is Rs 435.
BHEL
Current: Rs 116;
Target: Rs 105
The stock is in a short-term uptrend. It has a three-session target of about Rs 310 if it can cross heavy resistance between Rs 290-295. Keep a stop at Rs 282 and go long. Add to the position between Rs 392-396. Book profits above Rs 310.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
