NIFTY
Current: 5,694 (futures: 5,724);
Target: NA
The index may be oversold and rebound from support at current levels. Assume a futures premium of 20-25 points. Today, the session limits are likely to be 5,625 or 5,775. Stop-loss shorts at 5,745 and stop-loss long positions at 5,660. A strangle of long 5,500p (6) and long 5,900c (8) could double in value on a 70-point move.
BANK NIFTY
Current: 11,255 (futures: 11,317)
Target: 11,000 (futures: 11,065)
The financial index has hit a new 2013 low. Assume futures premium of 65-75. The Bank Nifty could travel down to the 11,000 level if support at 11,200-11,225 is broken. Keep a stop-loss at 11,350 and short. Add to the position between 11,175 and 11,200. Book profits below 11,000.
R-INFRA
Current price: Rs 359;
Target price: Rs 345
The stock crashed to a new 52-week low on huge volumes. Keep a stop at Rs 365 and short with an initial target of Rs 342-345. Add to the position between Rs 352 and Rs 356. Book profits below Rs 345. If Rs 365 is broken, there could be a pullback till Rs 375 levels.
CIPLA
Current price: Rs 390;
Target price: Rs 395
The stock could move till Rs 396-400. Keep a stop at Rs 386 and go long. Add to the position between Rs 392 and Rs 394. Book profits above Rs 395.
DLF
Current price: Rs 249;
Target price: Rs 241
The realty major could slide till Rs 236-240 if the downtrend continues. It could also bounce till Rs 265. Keep a stop at Rs 255 and go short. Add to the position between Rs 244 and Rs 246. Book profits below Rs 241.
The target prices and projected movements given above are in terms of the next one trading session, unless otherwise stated
