Nifty, SBI, ONGC & L&T
NIFTY
Current: 5,527 ; (June future: 5,536);
Target: NA
The index has resistance at 5,550-5,575. The next resistance is at 5,600-5,625. On the downside, supports between 5,400-5,450 may be tested. Volatility per session this late in settlement may be 125-150 points. A straddle of long June 5,500p (26) and long June 5,600p (16) costs 42. This could return 50 per cent, if either option is struck. Both options may pay off, due to high volatility expectations.
SBI
Current: Rs 2,326
Target: Rs 2,275
The stock has strong resistance at current levels. It could slide back till the Rs 2,250-2,275 level or, if it crosses, Rs 2,335, it could rise till Rs 2,360. Keep a stop at Rs 2,340 and short. Add to the position between Rs 2,300-2,315 and reset the stop to Rs 2,330. Start booking profits below Rs 2,275.
ONGC
Current: Rs 284
Target: Rs 296
The stock tested key resistance between Rs 295-300 before falling somewhat lower. It should test the same levels again within June 30. Keep a stop at Rs 277 and go long. Add to the position between Rs 288-292 and reset the stop to Rs 286. Start booking profits at Rs 296.
L&T
Current: Rs 1,786
Target: Rs 1,840
The stock has made an upside breakout on expanded volumes. The chart pattern suggests a target of somewhere between Rs 1,835-1,850 within June 30. Keep a stop at Rs 1,750 and go long. Add to the position between Rs 1,810-1,825 and reset the stop to Rs 1,800. Start booking profits above Rs 1,840.
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