NIFTY
Current: 5,980 (Futures: 5,987);
Target: NA
This looks like an intermediate downtrend. Any bounce could hit resistance at 6,025 or 6,050. Keep a stop at 6,025 and short. Add to the position below 5,950. Book profits or partial profits at 5,900. A bearspread of long 5,900p (52) and short 5,800p (29) could double if 5,900 is hit.
BANK NIFTY
Current: 12,569 (Futures: 12,525);
Target: 12,325
The financial index could slide till the 12,275-12,325 mark or lower till 12,200. Assume a possible futures discount of 20-25 points or a nominal premium. Keep a stop at 12,650 and short. Add to the position between 12,450-12,500. Book profits below 12,325.
ITC
Current price: Rs 336;
Target price: Rs 325
Huge sell-off from Rs 354 levels. The stock could drop till Rs 320-325. Keep a stop at Rs 342 and go long. Add to the position between Rs 329 and Rs 332. Book profits at Rs 325. Or book partial profits and reset the stop-loss to Rs 327 with a new target of Rs 320.
LARSEN & TOUBRO
Current price: Rs 1,517;
Target price: Rs 1,450
The stock could drop till Rs 1,435-1,450. Keep a stop at Rs 1,545 and short. Add to the position between Rs 1,485 and Rs 1,500. Book profits below Rs 1,450.
DLF
Current price: Rs 232;
Target price: Rs 220
The stock has some support at Rs 227-229. If it breaks Rs 227, it could drop till Rs 219-220. Keep a stop at Rs 238 and short. Add to the position between Rs 223 and Rs 227. Book profits below Rs 220.
The target prices and projected movements given above are in terms of the next one trading session, unless otherwise stated
