NIFTY
Current: 5,337 (futures: 5,345)
Target: NA
The index reacted from resistance above 5,350 and closed weak. A reaction could take it till 5,275 and the possible upside is 5,425. Stop-loss long futures at 5,300. Stop-loss shorts at 5,375. The bullspread of long 5,300c (101) and short 5,400c (49) has gained but is worth holding.
ICICI BANK
Current price: Rs 974
Target price: Rs 1,000
If the stock clears resistance at Rs 975-980, it could hit Rs 995-1,005. Otherwise it may react back to Rs 955-960. Keep a stop at Rs 965 and go long. Add between Rs 980 and Rs 990. Book profits beyond Rs 1,000.
IDFC
Current price: Rs 136
Target price: Rs 131
The stock could be due for a reaction back till the Rs 129-131 level. Keep a stop at Rs 138 and short. Add to the position between Rs 132 and Rs 134. Book profits below Rs 131.
HDFC
Current price: Rs 719.5
Target price: Rs 735
The stock hit a new 52-week high. It could move till Rs 735-740. Keep a stop at Rs 710 and go long. Add to the position between Rs 721 and Rs 725. Book profits above Rs 735.
AMBUJA CEMENT
Current price: Rs 191
Target price: Rs 198
The stock hit a new high. It should climb till Rs 194-195 minimum, and it may rise till Rs 198-200. Keep a stop-loss at Rs 188 and go long. Add between Rs 192 and Rs 194. Book partial profits above Rs 195 and hold the rest for a target of Rs 198.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
