NIFTY
Current: 5,575 (futures: 5,595);
Target: NA
The index is definitely bearish with a drop below the 200-Day Moving Average. Assume futures premium of 20. A recovery would hit resistance at 5,625 (spot rate), while a downtrend could find support at 5,525. Stop-loss shorts at 5,635 and stop-loss long positions at 5,545. A bearspread of long 5,600p (82) and short 5,500p (45) could gain 15 if the index drops till 5,525 points.
COAL INDIA
Current price: Rs 311;
Target price: Rs 320
The stock held onto gains in a bearish market. It could move till Rs 322-324 if the uptrend holds. Keep a stop at Rs 304 and go long. Add to the position between Rs 314 and Rs 317. Book profits above Rs 320.
BHARTI AIRTEL
Current price: Rs 274;
Target price: Rs 263
Stable downtrend hit a three-month low at Rs 272. The next target could be Rs 260-262. Keep a stop at Rs 281 and short. Add to the position between Rs 269 and Rs 272. Book profits below Rs 263.
HCL TECH
Current price: Rs 745;
Target price: Rs 710
A huge crash in the IT major. There's some support at Rs 735-745. If that breaks, the stock could test Rs 700-710. Keep a stop at Rs 755 and short. Add to the position between Rs 725 and Rs 734. Book profits below Rs 711. If Rs 755 is broken, HCL Tech could bounce till Rs 770.
BANK NIFTY
Current: 11,126 (futures: 11,176)
Target: 10,975 (futures: 11,025)
The financial index could be headed down till 10,950-10,975 (spot) or lower. Assume a futures premium of 50-60 points. Short with a stop-loss at 11,200. Add to the position between 11,025 and 11,075. Book profits below 10,975.
The target prices and projected movements given above are in terms of the next one trading session, unless otherwise stated
