NIFTY
Current: 5,878 (futures: 5,906);
Target: NA
Assume futures premium of 20-30. The index could move between 5,850 and 5,950 with a bearish bias. Stop-loss shorts at 5,935. Stop-loss long positions at 5,850. A bearspread of long 5,900p (90) and short 5,800p (51) could gain another 15-20 on a 50-point downswing.
BANK NIFTY
Current: 12,087 (futures: 12,125);
Target: 12,300
The financial index may be due for a bounce. Assume futures premium of about 35-50. Keep a stop at 12,000 and go long. Add to the position between 12,170 and 12,200. Book profits above 12,300. If 12,000 is broken, the index could fall till 11,850.
TCS
Current price: Rs 1,525;
Target price: Rs 1,575
The falling rupee is pushing up IT stocks. A bounce till Rs 1,575-1,590 is possible. Keep a stop at Rs 1,505 and go long. Add to the position between Rs 1,540 and Rs 1,555. Book profits at Rs 1,575. A drop below Rs 1,505 could mean a slide till Rs 1,475.
JINDAL STEEL & POWER
Current price: Rs 267;
Target price: Rs 255
New 52-week low at Rs 264-265. Keep a stop at Rs 272 and short. Add to the position between Rs 261 and Rs 264. Book profits below Rs 255.
A bounce above Rs 273 could take it back till Rs 280.
GAIL
Current price: Rs 304;
Target price: Rs 293
The stock could test its 52-week low at Rs 300-301 and a fall below Rs 300 could take it down to Rs 292-293. Keep a stop at Rs 308 and short. Add to the position between Rs 297 and Rs 300. Book profits below Rs 293. A bounce above Rs 308 could take it back till Rs 315.
The target prices and projected movements given above are in terms of the next one trading session, unless otherwise stated
