NIFTY
Current: 5,724 (futures: 5,772);
Target: NA
A swing session may take the underlying till 5,825 or 5,625 with the futures traded at 30-50 points premium. Stop loss shorts at 5,800 (futures price) and stop loss long positions at 5,700 (futures price). A bullspread of long 5,800c (62) and short 5,900c (28) could gain 15-20 on an upmove.
CIPLA
Current: Rs 397;
Target: Rs 406
The stock hit a new high at Rs 399 on very good volumes. Difficult to set a target but a run till Rs 406-410 is possible. Keep a stop at Rs 392 and go long. Add to the position between Rs 399 and Rs 402. Book profits above Rs 406.
HDFC
Current: Rs 784;
Target: Rs 794
The stock made a breakout and it could test resistance at the 52-week high of Rs 794. If it beats that, it has a possible run till Rs 805. Keep a stop at Rs 775 and go long. You could book partial profits at Rs 793-794 and hold the rest for a three-session target of Rs 805.
IDFC
Current: Rs 162.5;
Target: Rs 158
The stock is reacting from its recent high of Rs 169. It could fall till Rs 157-158. Keep a stop at Rs 165 and short. Add to the position between Rs 160 and Rs 162. Book profits below Rs 158.
BANK NIFTY
Current: 11,539 (futures: 11,650);
Target: 11,700 (futures: 11,775)
The index is likely to test resistance between 10,600 and 11,650 and it may break out till 11,700. The futures will continue to trade at 75-100 points premium, with a target of 11,750-11,800. Keep a stop at 11,575 (futures price) and go long. Book profits or partial profits above 11,775.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
