NIFTY
Current: 5,852 (futures: 5,850);
Target: NA
The index hit a 2013 low at 5,844. Futures are at a discount indicating more bearishness with a possible target of 5,750. Today, the index may bounce till 5,910 or fall till 5,800. Stop-loss shorts at 5,885 and stop-loss long positions at 5,820. A bearspread of long 5,800p (34) and short 5,700p (11) could gain 10-15 if the index falls below 5,820.
BANK NIFTY
Current: 12,055 (fut: 12,064);
Target: 12,275
The financial index hit a three-month low and the futures premium is nominal. It could recover till around 12,275-12,300 on short-covering but a drop till 11,800-11,850 is also possible. Take a long position with a strict stop-loss at 11,975. Add to the position between 12,100 and 12,125. Book profits above 12,275.
JINDAL STEEL
Current price: Rs 355;
Target price: Rs 340
Three-month low could mean a target of Rs 335-340. Short covering will hit resistance at Rs 365-368. Short with a stop-loss at Rs 362. Add to the position between Rs 349 and Rs 353. Book profits below Rs 340.
BHARTI AIRTEL
Current price: Rs 296;
Target price: Rs 280
Successive three-month lows. Support at Rs 291-293. Possible bounce till Rs 304-306. Could be a downside till the Rs 276-280 level over next three sessions. Keep a stop-loss at Rs 307 and short with a three-session timeframe. Add to the position between Rs 287 and Rs 290. Book profits below Rs 280.
RELIANCE INDUSTRIES
Current price: Rs 859;
Target price: Rs 843
A bounce could take RIL back to Rs 875. It’s more likely to break support between Rs 853 and Rs 855 and fall till Rs 835-845. Keep a stop at Rs 870 and short. Add to the position between Rs 849 and Rs 853. Book profits below Rs 843.
The target prices and projected movements given above are in terms of the next one trading session, unless otherwise stated
