NIFTY
Current: 5,257 (March futures: 5,274);
Target: NA
The index looks weak and it could test support at 5,225, or 5,175. A big swing could take the index till 5,125, or 5,375. Stop-loss long positions at 5,200 and stop-loss shorts at 5,300. The previously recommended bearspread of long 5,200p (48) and short 5,100p (23), costing 25 is in profit. It may be held with a stop at 5,300. It could fetch a maximum return of 75.
RELIANCE INDUSTRIES
Current price: Rs 755;
Target price: Rs 715
The stock could drop till support at Rs 705-715 if it drops below Rs 750. Keep a stop at Rs 772 and go short with a three-session timeframe. Add to the position between Rs 740 and Rs 750. Start booking profits below Rs 715.
ITC
Current price: Rs 220;
Target price: Rs 225
The stock could test the Rs 225 mark. If it closes above Rs 227, it could run till Rs 232. Keep a stop at Rs 217 and go long. Add to the position between Rs 222 and Rs 223. Book partial profits above Rs 225 and hold the rest for a Rs 232 target. A fall below Rs 215 could mean a drop till Rs 205.
BHEL
Current price: Rs 260;
Target price: Rs 210
The stock's taken a hammering and gone bearish. It could slide till around Rs 200-205. Keep a stop at Rs 265 and short with a three-session timeframe. Add to the position between Rs 245 and Rs 250. Start booking profits below Rs 210.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated