NIFTY
Current: 4,997 (June futures: 4,975);
Target: NA
The Nifty has resistance between 5,025 and 5,075 and support at 4,950. Stop-loss positions at 5,050 and stop-loss long positions at 4,950. The prior recommendation of long 5,000c (97) and long 4,700p (35) can be cashed now. A long 5,100c (54) and short 5,200c (27) costs 27 and could gain 15-20 if the index goes to 5,075.
BANK NIFTY
Current: 9,742 (futures: 9,681);
Target: 9,500
The financial index has resistance at 9,800-9,850. On the downside, it could react to 9,450-9,500. Keep a stop at 9,800 and short. Add to the position between 9,600 and 9,650. Book profits at 9,500. If 9,850 is broken, look for a target of 10,000.
IDFC
Current price: Rs 129;
Target price: Rs 133
The upsurge may continue till the Rs 133-134 levels. Keep a stop at Rs 126 and go long, Add to the position between Rs 130 and Rs 131. Book profits above Rs 133. If it drops below Rs 124, reverse and go short with a target of Rs 119.
JINDAL STEEL & POWER
Current price: Rs 432;
Target price: Rs 450
If resistance between Rs 435 and Rs 440 is overcome, the bounce could continue till Rs 450 and Rs 455 level. Keep a stop at Rs 425 and go long. Add to the position between Rs 440 and Rs 445. Book profits above Rs 450. If it drops below Rs 425, it could slide till Rs 410-412.
Hind Unilever
Current price: Rs 420;
Target price: Rs 435
The stock may be pulling out of a correction. It could test Rs 435-440. Keep a stop at Rs 415 and go long. Add to the position between Rs 425 and Rs 430. Book profits above Rs 435.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
