NIFTY
Current: 5,199 (February futures: 5,230);
Target: NA
If the Nifty breaks out above 5,250, it could run till around 5,400. On the downside, the first support on a sell off is 5,075. One session swing expectations would be 5,075, 5,325. The previous recommendation of long 5,200c (122) and long 4,900p (22) may be held for more gains. A long 5,300c (72) and short 5,400c (38) costs 34 and could gain 15-25 in value if the 5,300 level is hit.
COAL INDIA
Current price: Rs 326;
Target price: Rs 316
The stock has seen continuous reaction since it hit a high of Rs 358. It's likely to find support at around Rs 315. Keep a stop at Rs 331 and go short. Add to the position between Rs 321 and Rs 324. Book profits below Rs 316.
DLF
Current price: Rs 216;
Target price: Rs 224
The bounce could take the stock till Rs 224-225. Keep a stop at Rs 212 and go long. Add to the position between Rs 218 and Rs 221, and book profits above Rs 224. If the stop at Rs 212 is broken, the next support is Rs 207 so consider reversing the position.
DR REDDY'S
Current price: Rs 1,690;
Target price: Rs 1,720
The stock should test resistance near its 52-week high at Rs 1,715-1,720. If it breaks out, it could climb till Rs 1,740. Keep a stop at Rs 1,670 and go long. Add to the position between Rs 1,700 and Rs 1,710. Either book profits at Rs 1720, or book partial profits and hold with a reset stop-loss of Rs 1,705.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
