NIFTY
Current: 5,598 (fut: 5,629)
Target: NA
The index could bounce till 5,650, or drop till 5,525. The trend looks bearish. Stop loss shorts at 5,675 (futures price) and stop loss long positions at 5,590 (futures price). Hold the bearspread of long 5,600p (79) and short 5,500p (46) – it could gain another 15-20 if the index dips below 5,550.
PUNJAB NATIONAL BANK
Current price: Rs 729
Target price: Rs 710
The stock hit a 30-day low on heavy selling. It could fall till the Rs 705-710 level. Keep a stop at Rs 740 and short. Add to the position at Rs 715-720. Book profits below Rs 710.
RELIANCE CAPITAL
Current price: Rs 398
Target price: Rs 385
The next support is at Rs 380-385 and this is likely to be tested. If it breaks, the five-session target is Rs 370. Keep a stop at Rs 405 and short. Add to the position between Rs 390 and Rs 395. Book profits or partial profits at Rs 385.
TATA STEEL
Current price: Rs 393
Target price: Rs 340
The stock has support at Rs 389-391. It could bounce back till the Rs 400-402 level. Keep a stop at Rs 389 and go long. Add to the position between Rs 395 and Rs 397 levels. Book profits above Rs 400. If Rs 389 is broken, the next support is at Rs 380.
DLF
Current price: Rs 199
Target price: Rs 192
The stock could fall till the Rs 190-192 levels. Keep a stop at Rs 203 and short. Add to the position between Rs 194 and Rs 196. Book profits at Rs 192.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
