NIFTY
Current: 5,542 (futures: 5,576);
Target: NA
Futures premium may fall till 15-20. The index may test support at 5,475-5,485 (spot). Use that as a stop loss for long positions. If 5,475 breaks, it could fall till 5450. There's resistance at 5,585, and at 5,625. If you short, use 5,600 as a stop loss. A long 5,500p (88) and short 5,400p (58) bearspread could gain 15-20 if the index falls below 5,500.
BANK NIFTY
Current: 9,703 (futures: 9,729);
Target: 9,525
New 52-week low of 9,660 (spot price). Assume futures premium will rise a little till around 40. Keep a stop at 9,825 (spot) and short. Add to the position between 9,600 and 9,650. Book profits or partial profits at 9,525.
TATA POWER
Current price: Rs 71.4;
Target price: Rs 64
Keep a stop at Rs 74 and short. Add to the position between Rs 67 and Rs 68. Book profits below Rs 64.
HDFC
Current price: Rs 752;
Target price: Rs 725
Keep a stop at Rs 765 and short. Add to the position between Rs 740 and Rs 750. Book profits below Rs 725.
IDFC
Current price: Rs 102.95;
Target price: Rs 98
Keep a stop at Rs 105 and short. Add to the position at Rs 99.5-100.5 Book profits below Rs 98.
The target prices and projected movements given above are in terms of the next one trading session, unless otherwise stated
