NIFTY
Current: 4,906 (May futures: 4,885)
Target: NA
A swing session could move the index to 5,000 or 4,825. There is support on 4,875 and resistance 4,950 and range-trading between that zone is possible. A long strangle of 5,000c (26) and long 4,800p (41) costs 67 and it could pay 15-20 if there is a swing.
STATE BANK OF INDIA
Current price: Rs 2,009
Target price: Rs 1,955
The stock could test resistance at Rs 2,030. If that breaks, it will travel till Rs 2,085-2,100. If it hold, it could react down to the Rs 1,930-1,950 levels. Keep a stop at Rs 2,030 and short. Add to the position between Rs 1,980 and Rs 2,000. Book profits below Rs 1,955. Reverse and go long if Rs 2,035 is exceeded.
Tata Steel
Current price: Rs 403
Target price: Rs 380
The stock is likely to test support at Rs 388-392. If that breaks, it could fall till Rs 375-380. Keep a stop at Rs 410 and short. Add to the position between Rs 386 and Rs 390. Book profits below Rs 380.
WIPRO
Current price: Rs 383
Target price: Rs 365
The stock faces selling pressure. If support between Rs 380 and Rs 385 is broken, it could fall till Rs 360-365. Keep a stop at Rs 393 and short. Add to the position between Rs 375 and Rs 380. Book profits at Rs 365.
TATA POWER
Current price: Rs 96
Target price: Rs 102
The stock could test resistance between Rs 100 and Rs 105. Keep a stop at Rs 92 and go long. Add to the position between Rs 97 and Rs 99. Book profits above Rs 102.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
