Current: 5,656 (futures: 5,641)
The futures have gone into discount and the put-call ratio remains bearish. The index could test 5,475 if the downtrend holds till settlement. Today, stop loss long positions at 5,625 and stop loss shorts at 5,725. A bearspread of long 5,500p (16) and short 5,400p (5) costs 11 and could triple in value if the index drops another 100 points.
BANK NIFTY Current:
11,375 (futures: 11,344) Target:
The futures is in discount. The financial index could head lower and test support at 11,175-11,225. If that's broken, it could test 11,025-11,050. Keep a stop at 11,450 and short. Add to the position between 11,275 and 11,300. Book profits at 11,200. JP ASSOCIATES Current price:
Rs 58.65; Target price:
New 52-week low at Rs 58.4. Keep a stop at Rs 60.5 and short. Add to the position between Rs 57 and Rs 58. Book profits below Rs 55. DLF Current price:
Rs 175.5; Target price:
Another 52-week low at Rs 173. Put a stop loss at Rs 181 and short. Add to the position between Rs 170 and Rs 173. Book profits below Rs 166. BHEL Current price:
Rs 171; Target price:
A 52-week low at Rs 170-171. Keep a stop at Rs 175 and short. Add to the position between Rs 169 and Rs 171. Book profits below Rs 164.