<b>Pre-mkt:</b> Watch out for Reliance today

The bulls seem to be unstoppable now and this will get mirrored on the opening bell. In all probability the 30-scrip BSE Sensex will breach yet another milestone.

The bulls are now used to negative factors, yesterday they gave a thumbs-down Infosys results, and today Reliance Industries may meet the same fate if no special announcement come the annual general meeting (AGM).

The markets reacted sharply on Infosys guidance for FY08 with stock plummeting over 7%. Reliance is likely to get same treatment if expectations of stock-split or bonus did not spell out in AGM. 

Technically the market is in the bulls command with Nifty likely to target 5700 levels and Sensex over 19,200 levels. However, it would be crucial for Nifty to trade above 5,330 for the intermediate uptrend to continue. It is likely to witness resistance at 5,550.

Stock to watch

According to Motilal Oswal research, ITC (up 3%) witnessed increase in delivery quantity from 3 million to 4.8 million shares. Futures OI decreased by 1.2 million shares indicating short covering. The stock ended the session in a long bullish candle indicating strength. Daily RSI has given positive crossover with trigger line above the mean level. If the ITC price move above Rs 190, and continued support at these levels would aid the stock in aiming at Rs 200.