NIFTY
Current: 5,064 (futures: 5,066);
Target: NA
The short-term trend is negative. A big session could mean a move till 4,950 or 5,150. A long 5,200c (18) and long 4,900p (24) could double in value if either end is struck. A bearspread of long 5,000p (48) and short 4,900p (24) costs 24.
BANK NIFTY
Current: 9,750 (futures: 9,715));
Target: 9,500
The financial index could slide till 9,450-9,500. Keep a stop at 9,825 and go short. Add to the position between 9,600-9,650. Book profits below 9,500. If you can hold for 5 sessions, look for a target of 9,000.
RELIANCE INDUSTRIES
Current price: Rs 719;
Target price: Rs 695
A lot of selling towards the end of yesterday's session could translate into bearishness. The stock might land at support on the 690-695 levels or drop further till the 675-680 mark. Keep a stop at 730 and short. Add to the position between 705-712. Book profits below 695.
DLF
Current price: Rs 188;
Target price: Rs 178
The rate sensitive realty major could test support at 184 and if that breaks, it might drop till 177. Keep a stop at 191 and short with a three session timeframe. Add to the position between 181-184. Book profits below 178.
HCL TECH
Current price: Rs 470;
Target price: Rs 450
The stock bounced off support at 459-463. It could test that level again and if 459 breaks, it may fall till 450. Keep a stop at 475 and short. Add to the position between 463-467. Book partial profits at 460 and hold the remainder for a target of 450.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
