NIFTY
Current: 5,015 (Oct fut: 5,036)
Target: NA
The index could move up till somewhere between 5,125 or slide back till the 4,850-4,900 level. There is a slight upwards bias. Long futures can be stop-lossed at 4,965 and short futures at 5,075. A bullspread of long 5,100c (114) and short 5,200c (71) costs net 43 and it could gain 15-20 if the 5,100 level is tested.
RELIANCE INDUSTRIES
Current: Rs 808
Target: Rs 780
The stock faces massive resistance between Rs 820 and Rs 825. It has some support at Rs 795. If Rs 795 is broken, it could slide till Rs 780 (3 sessions) or perhaps, till Rs 755-760. Keep a stop at Rs 820 and go short. Either add to the position between Rs 790-795 and book profits. Or, book pratial profits at Rs 780 and hold with a five session timeframe for a target of Rs 760.
RELIANCE CAPITAL
Current: Rs 359.55
Target: Rs 340
The stock is likely to test its 52-week lows at Rs 340 in the next 3-5 sessions and it might establish a new low. On the upside, a recovery would hit heavy resistance at Rs 380-385. It has very high volatility - expect daily swings of over five per cent. Keep a stop at Rs 369 and short. Add to the position between Rs 350 and Rs 354. Book profits or partial profits at Rs 340.
INFOSYS
Current: Rs 2,551.10
Target: Rs 2,700
The stock seems to be moving into an intermediate uptrend with a recent sequence of higher highs and higher lows. There could be an upside till around Rs 2,700 in the next 3-5 sessions. Keep a deep stop at Rs 2,470 and go long. Add to the position between Rs 2,580 and Rs 2,600. Book profits at Rs 2,700.
M&M
Current: Rs 814
Target: Rs 840
The stock seems on the verge of an upside breakout. If it crosses resistance between Rs 812 and Rs 820. It could move till around the Rs 840-850 mark. Keep a stop at Rs 795 and go long. Add to the position between Rs 818 and Rs 825. Start booking profits beyond Rs 840
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
