Nifty, Hind Unilever & Wipro
Devangshu Datta / New Delhi December 31, 2010, 0:30 IST
NIFTY
Current: 6,101.85 (Jan futures 6127),
Target: 6,170
The index has moved above resistance at 6,070 creating a pattern of higher intermediate highs. It could rise till between 6,150 and 6,175 today and it should have a target of 6,250 in the next three-five sessions. Keep a stop at 6,075 and go long if you take a long futures positions. An option bullspread of long Jan 6,200c (69) and short Jan 6,300c (35) also looks attractive with a five-session perspective. It has a potential maximum payoff of 66 versus a net cost of 34.
HIND UNILEVER
Current Price: Rs 309,
Target Price: Rs 318
A price breakout is backed by volume expansion. The stock could test its 52-week high of 320 over the next three sessions. Keep a stop at 305 and go long. Increase the position between Rs 311 and Rs 313. Start booking profits above the Rs 317 level.
WIPRO
Current Price: Rs 490,
Target Price: Rs 497
The stock is testing resistance in the Rs 490-500 zone. It’s likely to reach at least Rs 497 intra-day today and it may move further. Keep a stop at Rs 485 and go long. Add to the position between Rs 493 and Rs 495. Start booking profits above Rs 497.
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