BankNifty
Current level: 9,494
Target level: 9,375
The Bank Nifty is in a broad range-trading pattern between 9,300 and 9,600 and it's likely to move towards the lower end of the range on Wednesday. There's still ample liquidity in May futures (9,494) and a good carry-over into the June futures (9,436) is also visible. Keep a stop at 9,550 and go short. Start clearing the position below 9,375. Note that the May-June differential may lead to arbitrage, May being sold and June bought.
Hindalco
Current price: Rs 163
Target price: Rs 170
The stock seems to have found some support at Rs 160 and it's picking up volumes. Trading could stay range-bound between Rs 160 and Rs 165. However, a rise beyond Rs 165 would propel it to near the Rs 170-mark. Hindalco looks worth taking a long futures position with a three-session perspective — a target of Rs 170 and a stop loss at Rs 159.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
