Nifty, Bank Nifty, BPCL, Punj Lloyd & IDFC
NIFTY
Current Spot: 5,560 (June Future:5,552),
Target: NA
The Nifty could move up till 5,650-5,700 level, if the uptrend holds for 3 sessions. It could fall till support at 5,450. A long June future, with a stop loss at 5,520, can be coupled to a bearspread of long 5,500p (76) and short 5,400p (46). The maximum loss is 55-60 between the range of 5,500-5,550. Upside gain is unlimited. Downside gain is a max of about 40. Breakevens are around 5,590, 5,440.
BANK NIFTY
Current Spot: 11,021,
Target Spot: 11,150
The discount on futures remains but the index is still rising. It could test resistance at 11,060 today and it may climb till 11,150-11,175. Keep a stop at 10,850 and go long in the June future. Add to the position when the spot is 11,060-11,100. Book profits when the spot hits 11,150. If the spot falls below 11,900, the Bank Nifty could slide back till 11,750.
BPCL
Current: Rs 633
Target: Rs 650
The stock is bound to swing on the basis of fuel pricing. It has a potential upside till Rs 650-655 and it could go till Rs 665 if there is a big hike. The downside is till Rs 605 with interim support at Rs 625 and Rs 615. Keep a stop at Rs 620 and go long with a 5-session timeframe and a target of Rs 650. Add to the position between Rs 637- 643 and reset the stop to Rs 632. Book profits above Rs 650.
PUNJ LLOYD
Current: Rs 68
Target: Rs 72
The stock made an extraordinary jump on huge volumes. It could move till around Rs 72-73, perhaps till Rs 77 if the breakout was valid. Keep a stop at Rs 66 and go long. Add to the position between Rs 69-70 and reset the stop to Rs 68. Start booking profits above Rs 72.
IDFC
Current: Rs 142
Target: Rs 146
The stock has climbed on some volume expansion. The chart pattern suggests it could move till Rs 145-146 in 3 sessions and maybe, till Rs 150 if there's sufficient momentum. Keep a stop at Rs 139 and go long. Add to the position between Rs 144-145 and reset the stop to Rs 142. Book profits above Rs 146.
The target price and projected movements given above are in terms of the next one trading session
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