Nifty
Current: 5,988,
Target: 5,900
The index tested support at 5,970. It hit serious resistance above 6,070. Another bearish session could push it down till around the 5,900-mark in the next three sessions and till 5,800 over the next 5-10 sessions. Possible actions: Keep a stop at 6,025 and go short in futures. Alternatively, a bearspread with long 5,900p (67) and short 5,800p (45) with a net cost of 22 and a potential return of 78.
Infosys
Current Price: Rs 2,971,
Target Price: Rs 2,935
The stock is due for another bout of bearishness though it was nominally positive in yesterday's trading. It could drop till Rs 2,935 today. Keep a stop at Rs 2,980 and go short. Increase the position between Rs 2,955 and Rs 2,960. Start booking profits below the the Rs 2,940 mark.
(The target price and projected movements given above are in terms of the next one trading session)
