Reliance Capital
Current: Rs 470,
Target: Rs 485
The stock has some resistance at 476 and at 485. If it has the same expansive volume action tomorrow, it will test 485. This is likely to be driven by short-covering, so the prices are unlikely to be sustained. On the downside, it could also drop till 455. Keep a stop at 465 and go long. Raise the position between 477 and 480 and clear the position above 484. If the 465 stop is broken, go short with a target of 455 and a stop loss at 470.
DLF
Current: Rs 220,
Target: Rs 210
The stock made a downside breakout on high volumes. It could test the 52-week low of 214 today and it may fall further because a target of 210 is predicted. Keep a stop at 224 and go short. Increase the position between 216-218. Book partial profits at 214, reset the stop loss to 217 and hold the residue with a target of 210.
SBI
Current: Rs 2,617,
Target: Rs 2,565
The stock dropped sharply on heavy selling. It has some support at 2600-2610 but if that is broken, it will drop to 2565 at least and it may fall to the 2475-2500 zone. Keep a stop at 2650 and go short. Increase the position between 2590-2600. At 2565, either book profits or hold with a revised stop loss of 2575 and a 3-session target of 2500.
(The target price and projected movements given above are in terms of the next one trading session)
