NIFTY
Current price: 5,551,
Target price: NA
The index has some support around 5,500 and resistance at 5,600. Breakouts could go to 5,680 or 5,320. If there's no breakout, there's a slight long bias. A call butterfly of long 5,500c (109), two short 5,600c (2x60) and long 5,700c (29) costs 18. It has a maximum pay off of 82 at 5,600 and breakevens are 5,518, 5,682. The intention is to reverse as close 5,600 as possible.
BANKNIFTY
Current price: 10,855
Target price: 10,550
The discount on the June futures has vanished. But the chart pattern suggests a pullback till 10,500 is possible in the next 3 sessions. Keep a stop at 11,000 and short. Add to the position between 10,650-10,700 and reset the stop to 10,750. Book profits below 10,550. If 11,000 is broken, consider going long with a target of 11,150.
HDFC
Current price: Rs 671,
Target price: Rs 658
The stock has made a recovery from support at 655-660 and it has massive resistance between 670-675. Chances are, it will test 655- 660 again. On the upside if 675 is crosses, the next resistance is 681-682. Keep a stop at 675 and short. Add to the position between 665-668 and reset the stop to 670. Start booking profits below 658.
TCS
Current price: Rs 1,164,
Target price: Rs 1,200
If the stock manages to push past resistance 1,175-1,180, it could head for 1,200-1,210 within 3-sessions. Keep a stop at 1,150 and go long. Add to the position between 1,175-1,180 and reset the stop to 1,170. Start booking profits above 1,200. If the stock drops below support at 1,140, consider a short, since it could fall till 1,110.
RELIANCE INDUSTRIES
Current price: Rs 938
Target price: Rs 965
Very narrow range trading yesterday between 928-940. The range should expand today to between 935-965 though it's difficult to predict closing values or direction of breakout. A 3-session target could be either 915 or 980. Keep a stop at 930 and go long with a target of 965. Add to the position between 945-50 and reset the stop to 940. Book profits above 965.
The target price and projected movement
Related Articles
Current price: 5,551,
Target price: NA
The index has some support around 5,500 and resistance at 5,600. Breakouts could go to 5,680 or 5,320. If there's no breakout, there's a slight long bias. A call butterfly of long 5,500c (109), two short 5,600c (2x60) and long 5,700c (29) costs 18. It has a maximum pay off of 82 at 5,600 and breakevens are 5,518, 5,682. The intention is to reverse as close 5,600 as possible.
BANKNIFTY
Current price: 10,855
Target price: 10,550
The discount on the June futures has vanished. But the chart pattern suggests a pullback till 10,500 is possible in the next 3 sessions. Keep a stop at 11,000 and short. Add to the position between 10,650-10,700 and reset the stop to 10,750. Book profits below 10,550. If 11,000 is broken, consider going long with a target of 11,150.
HDFC
Current price: Rs 671,
Target price: Rs 658
The stock has made a recovery from support at 655-660 and it has massive resistance between 670-675. Chances are, it will test 655- 660 again. On the upside if 675 is crosses, the next resistance is 681-682. Keep a stop at 675 and short. Add to the position between 665-668 and reset the stop to 670. Start booking profits below 658.
TCS
Current price: Rs 1,164,
Target price: Rs 1,200
If the stock manages to push past resistance 1,175-1,180, it could head for 1,200-1,210 within 3-sessions. Keep a stop at 1,150 and go long. Add to the position between 1,175-1,180 and reset the stop to 1,170. Start booking profits above 1,200. If the stock drops below support at 1,140, consider a short, since it could fall till 1,110.
RELIANCE INDUSTRIES
Current price: Rs 938
Target price: Rs 965
Very narrow range trading yesterday between 928-940. The range should expand today to between 935-965 though it's difficult to predict closing values or direction of breakout. A 3-session target could be either 915 or 980. Keep a stop at 930 and go long with a target of 965. Add to the position between 945-50 and reset the stop to 940. Book profits above 965.
The target price and projected movement
Related Articles
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