NIFTY
Current: 5,939 (futures: 5,960);
Target: NA
Assume the futures premium will run at 15-25. The index appears to be in a short-term downtrend. Today's session could see a range of 5,900-5,600 with possible breakouts till 5,850 and 6,035. Stop-loss long positions at 5,900 and stop-loss shorts at 5,990. A bearspread of long 5,900p (76) and short 5,800p (46) costs 30 and it could gain 15-20 if 5900 is broken.
BANK NIFTY
Current: 12,402 (futures: 12,415);
Target: 12,200
If support at 12,350-12,400 breaks, the financial index could fall till 12,175-12,200. Keep a stop at 12,500 and go short. Add to the position between 12,275 and 12,325. Book profits below 12,200.
ONGC
Current price: Rs 317;
Target price: Rs 305
Go short with a target of Rs 300-305 and a stop-loss at Rs 327. Add to the position between Rs 310 and Rs 312. Book profits below Rs 305. There is a 10-session target of Rs 285-290 so, you may also book partial profits at Rs 305 and hold with a stop-loss of Rs 312.
INFOSYS
Current price: Rs 2,514;
Target price: Rs 2,590
The NRNM effect pushed the stock up to a high of Rs 2,625 before it fell back on profit-taking. The short-term trend may still be positive. Keep a stop at Rs 2475 and go long with a target of Rs 2,590-2,610. Add to the position between Rs 2,525 and Rs 2,550. Book profits above Rs 2,590.
BAJAJ AUTO
Current price: Rs 1,760;
Target price: Rs 1,670
Keep a stop at Rs 1,795 and go short with a four-session timeframe. Add to the position between Rs 1,720 and Rs 1,740. Book profits or partial profits below Rs 1,670. If you book partial profits, reset the stop-loss to Rs 1,700 and hold with a second target of Rs 1,640.
The target prices and projected movements given above are in terms of the next one trading session, unless otherwise stated
