Current: 5,987 (futures: 5,994),
The index is in a short-term downtrend. Today it could move down till 5,940, or recover till 6,040. A strangle of long 6,200c (15) and long 5,800p (20) is almost zero-delta and could gain sharply on a big move in either direction. A bearspread of long 5,900p (43) and short 5,800p (20) could double on a downtrend.
Current price: Rs 271
Target price: Rs 281
The stock corrected down to Rs 265-267 after hitting a high of Rs 279 and it could move up again, to a new high between Rs 281-284. Keep a stop at Rs 267 and go long. Add to the position between Rs 277-279. Book profits above Rs 281.
JINDAL STEEL BANK OF BARODA HINDALCO
Current price: Rs 419
Target price: Rs 390
The stock is testing key support at Rs 413-415. If that breaks, it could drop till Rs 385-390. If that holds, a bounce till Rs 435 is possible. Keep a stop at Rs 429 and short with a five-session timeframe. Add to the position between Rs 409-413. Book profits below Rs 390.
Current price: Rs 804
Target price: Rs 780
BoB was hammered on poor results. It could fall till Rs 770-780 or lower, till Rs 740-750. On the upside, short-covering could trigger a pullback till Rs 815-825. Keep a stop at Rs 816 and short with a three-session timeframe. Add to the position between Rs 790-798. Book profits below Rs 780.
Current price: Rs 103
Target price: Rs 107
Key support at Rs 112-113. If that holds, Hindalco could bounce till Rs 119-120. if it breaks, a fall till Rs 105-107 is possible. Keep a stop at Rs 116 and short. Add to the position between Rs 110-112. Book profits below Rs 107.
BANK OF BARODA