RELIANCE INDUSTRIES
Current Price: Rs 1,051,
Target Price: Rs 1,080
The stock continues to look somewhat bullish and it could test targets in the Rs 1,070-1,080 range, even if it cannot sustain prices in that zone of resistance. Keep a stop at Rs 1,035 and go long. Add to the position between Rs 1,060 and Rs 1,065 and reset the stop to Rs 1,055. Start booking profits above Rs 1,075.
IDBI BANK
Current Price: Rs 149,
Target Price: Rs 144
The stock is hitting strong resistance between Rs 149 and Rs 151 and it’s likely to fall back and consolidate around Rs 144-145 or lower. Keep a stop at Rs 151 and go short. Increase the position between Rs 146 and Rs 147.5. Start booking profits below Rs 145. If the market trend is weak, especially financials, there’s a three-session target of Rs 141.
JP ASSOCIATES
Current Price: Rs 98.5,
Target Price: Rs 102
The stock could run up till it hits resistance at Rs 103. It could also fall till Rs 94. Keep a stop at Rs 97 and go long. Increase the position between Rs 99.5 and Rs 101 and reset the stop to Rs 99. Book profits above Rs 102. If the Rs 97 stop is broken, reverse and go short with a target of Rs 94 and a stop at Rs 98.5.
RELIANCE COMM
Current Price: Rs 109,
Target Price: Rs 103
The stock hit strong resistance above Rs 112 and it’s likely to retrace till around Rs 103-104 and it could drop into double-digits if there’s panic about the scam. Keep a stop at Rs 111 and go short. Increase the position between Rs 105 and Rs 107 and reset the stop to Rs 108. Book profits below Rs 104.
HINDALCO
Current Price: Rs 216,
Target Price: Rs 223
In terms of an intermediate timeframe, the stock is range-trading between Rs 195 and Rs 225 and it could test the upper range in the next three sessions. Keep a stop at Rs 212 and go long. Increase the position between Rs 218 and Rs 220 and reset the stop to Rs 216. Book profits above Rs 222.
The target price and projected movements given above are in terms of the next one trading session