BANK NIFTY
Current: 11,467 (Dec futures: 11,495),
Target: 11,250
The index tested resistance at 11,625-11,650 and was unable to breakout. It is likely to react down till it hits support in the 11,250 zone. Keep a stop at 11,525 and go short. Add to the position between 11,350 and 11,375. Start booking profits at 11,250.
TATA STEEL
Current Price: Rs 674,
Target Price: Rs 660
The stock saw selling pressure at the end of yesterday’s session. It could react down till around Rs 655-660. Keep a stop at Rs 680 and go short. Add to the position between Rs 668 and Rs 670. Start booking profits below Rs 660.
RELIANCE INDUSTRIES
Current Price: Rs 1,055,
Target Price: Rs 1,025
The stock has seen selling trigger a pullback. It has support between Rs 1,048 and Rs 1,055. If that support is broken, it could drop till around the Rs 1,025 levels. Keep a stop at Rs 1,065 and go short. Add to the position between Rs 1,043 and Rs 1,048 and reset the stop to Rs 1,050. Start booking profits below Rs 1,030.
(The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated)