NIFTY
Current: 5,771 (futures: 5,779)
Target: NA
The index seems to have turned bearish. Use 5,725 as a stop loss for long positions and use 5,825 as a stop loss for shorts. Breakouts and breakdowns could go till 5,650 and 5,875. The bearspread of long 5,700p (71) and short 5,600p (44) has already gained. But it could double on a dip below 5,675.
BANK NIFTY
Current: 11,358 (futures: 11,375);
Target: 11,175
The futures premium could be 20-30 points. Keep a stop at 11,450 and short. Add to the position between 11,275 and 11,300. Book profits below 11,175.
JP ASSOCIATES
Current: Rs 51.85;
Target: Rs 49
Keep a stop at Rs 53.5 and short. Add to the position between Rs 50.5-Rs 51.25. Book profits at Rs 49 or book partial profits and hold with a new stop loss of Rs 52 and a new target of Rs 44.
IDFC
Current: Rs 124.15;
Target: Rs 117
The stock could breakdown to a new 52-week low. Keep a stop at Rs 127 and short. Add to the position between Rs 120 and Rs 122. Book profits below Rs 117. A bounce beyond Rs 127 could go till Rs 130.
TATA STEEL
Current: Rs 269.55;
Target: Rs 262
Keep a stop at Rs 273 and short. Add to the position between Rs 266 and Rs 268. Book profits at Rs 262. If Rs 274 is broken, the stock could bounce till Rs 279-280.
The target prices and projected movements given above are in terms of the next one trading session, unless otherwise stated
