NIFTY
Current: 5,543 (fut: 5,562);
Target: NA
The index range-traded yesterday. Assume futures premium of 20. Today, the Nifty could swing between 5,520 and 5,575 with potential breakouts till 5,475 or 5,610. Stop-loss shorts at 5,580 and stop-loss long positions at 5,520. A strangle of long 5,700c (25) and long 5,400p (26) could gain 15-20 if the index moves 75 points.
UNION BANK OF INDIA
Current price: Rs 215;
Target price: Rs 210
The stock is likely to test key support at Rs 210. If that is broken, it could fall till Rs 200 or lower. Keep a stop at Rs 217 and short. Add to the position between Rs 211 and Rs 213. Book profits or partial profits at Rs 210.
SESA GOA
Current price: Rs 147;
Target price: Rs 140
New 52-week low. The next target could be Rs 139-140. Keep a stop at Rs 149 and go short. Add to the position between Rs 143 and Rs 145. Book profits below Rs 140.
NMDC
Current price: Rs 123.6;
Target price: Rs 120
The stock hit a new low on high volumes. Short with a stop-loss at Rs 125.5 and an initial target of Rs 120. Add to the position between Rs 121.5 and Rs 123.
Book profits or partial profits at Rs 120.
DR REDDY'S LABS
Current price: Rs 1,937;
Target price: Rs 2,025
New 52-week high at Rs 1,949. Potential targets of Rs 2,025-2,050. Keep a stop at Rs 1,905 and go long. Add to the position between Rs 1,950 and Rs 1,990. Book profits above Rs 2,025.
The target prices and projected movements given above are in terms of the next one trading session, unless otherwise stated
