Nifty, Bank Nifty, JP Associates, Bharti Airtel & ONGC
NIFTY
Current: 5,647 (July Fut: 5,655)
Target: NA
The Nifty is likely to test resistance between 5,650-5,725 in the next three sessions. On the downside, it has supports at 5,600, 5,550, and 5,500. A bullspread of long 5,700c (80) and short 5,800c (45) has a good risk:reward equation costing 35 with a maximum return of 65 and breakeven at 5,735. As a trading position, delta-calculations suggest it would gain 15-20 in value if the Nifty hits 5,700.
BANK NIFTY
Current: 11,245 (July Fut:11,246)
Target: 11,400
The financial index has made a mini breakout to a 30-day high. It could have an upside till around 11,400-11,450. Keep a stop at 11,170 and go long. Add to the position between 11,300-11,350 and reset the stop to 11,275. Book profits at 11,400.
JP ASSOCIATES
Current: Rs 81
Target: Rs 85
The stock moved up on short-covering. It could have an upside till around the Rs 85 level. Keep a stop at Rs 78.5 and go long. Add to the position between Rs 82-83 and reset the stop to Rs 81. Start booking profits at Rs 85.
BHARTI AIRTEL
Current: Rs 395
Target: Rs 389
The stock seems to have completed a surge till Rs 405 and its likely to see a correction till Rs 389 before it makes its next upmove. Keep a stop at Rs 399 and go short. Add to the position between Rs 392-394 and reset the stop to Rs 396. Start booking profits at 389.
ONGC
Current: Rs 274
Target: Rs 267
The stock has started losing ground again and it could slide till support at around Rs 265-267. Keep a stop at Rs 277 and go short. Add to the position between Rs 270-273 and reset the stop loss to Rs 274. Start booking profits at Rs 267.
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