NIFTY
Current: 5,283 (futures: 5,292)
Target: NA
A breakout past 5,300 could take the index till 5,400. A pullback should find support at 5,255. A bullspread of long 5,300c (72) and short 5,400c (32) costs 40 and it could gain 15 if the index moves above 5,325.
BANK NIFTY
Current: 10,462 (futures: 10,493)
Target: 10,650
The financial index could break out till 10,650 if it beats resistance at 10,525. On the downside, it could slide till 10,300. Keep a stop at 10,400 and go long. Add to the position between 10,525 and 10,575. Book profits above 10,650.
RELIANCE INDUSTRIES
Current price: Rs 786
Target price: Rs 820
There was a huge bounce on high volume. This could trigger an uptrend till the Rs 820-830 levels. Keep a stop at Rs 770 and go long with a four-session timeframe. Add to the position between Rs 795 and Rs 805. Book profits above Rs 820.
GAIL
Current price: Rs 366
Target price: Rs 373
The stock hit a three months high on good volumes. It could move till Rs 373-375. Keep a stop at Rs 362 and go long. Add to the position between Rs 368 and Rs 370. Book profits above Rs 373.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
