NIFTY
Current: 5,850 (futures: 5,848)
Target: NA
Resistance at current levels. Next resistance at 5,875. Support at 5,825. Next support at 5,800. Breakouts could go till 5,925 and breakdowns till 5,775. Stop loss long positions at 5,800 and short at 5,880. The Nifty may not see much movement till Thursday. A strangle of long 5,600p (9) and a long 6,100c (7) is zero-delta and it could double on a big move.
BANK NIFTY
Current: 11,971 (futures: 12,005)
Target: 12,175
Assume premium of 20-25. A pullback till 12,150 -12,200 is possible. Keep a stop at 11,875 and go long. Add to the position between 12,025 and 12,050. Book profits above 12,175.
M&M
Current price: Rs 989;
Target price: Rs 1,050
The stock is likely to test resistance at Rs 1,020-1,030 near its 52-week high. If it breaks out, it could run till Rs 1,050-1,060. Keep a stop at Rs 970 and go long. Add to the position between Rs 1,025 and Rs 1,030. Book profits above Rs 1,050.
BHEL
Current price: Rs 182;
Target price: Rs 200
The stock has found support at Rs 174-175 near its 52-week low. It could bounce till Rs 200-plus. Keep a stop at Rs 174 and go long. Add to the position between Rs 184 and Rs 187. Book profits above Rs 200.
HINDALCO
Current price: Rs 102;
Target price: Rs 93
The stock could react down to Rs 92-93. Keep a stop at Rs 105 and short. Add to the position between Rs 97 and Rs 98. Book profits below Rs 93.
The target prices and projected movements given above are in terms of the next one trading session, unless otherwise stated
