Nifty
Current: 5,959.5,
Target: NA
The Nifty tested support at the 5,950 level twice. A weak session could push prices down till 5,850. However , a bounce up till the 6,050 mark is equally possible. Short September, Nifty futures could be stop lossed at 6,010. The long 6000p (69) and short 5900p (29), is on break even. A possible fresh position is a long 5800p (13) and a long 6100c (13) – break evens at 5774, 6126, expiry in five days, but it could jump if there’s a swing.
Tata Steel
Current price: Rs 624,
Target price: Rs 600
The stock is locked in range-trading between Rs 610 and Rs 625. A breakout could be till either Rs 595 or Rs 640. Short with an initial stop loss of Rs 630 and a target of Rs 612. Increase the position between Rs 610 and Rs 612 and reset the stop to Rs 616. Book profits at Rs 600.
(The target price and projected movements given above are in terms of the next one trading session,
