Nifty
Current: 7,954 (Future: 7,977)
Target: NA
Nifty may open with a downside gap on Bihar poll verdict. Stop-loss short positions at 8,030, or at 55 points above opening level, if it opens low. The futures could test support at 7,850, or 7,785. A bearspread of long 7700p (Friday's premium 51), short 7600p (35) may open at 10-15 higher than Friday. But it may still be very profitable in two or three sessions.
Bank Nifty
Current: 17,087 (Future: 17,167)
Target: NA
BankNifty futures could open with a downside gap. Keep a stop-loss at 110 points above the opening level, and go short. A big downmove could run down till 16700 or lower. A long 16500p (Friday premium 170), short 16000p (80) will cost about 20-25 more than on Friday. It could be very profitable in two-three sessions.
Target prices, projected movements in terms of next session unless otherwise stated
