NIFTY
Current: 5,594 (futures:5,591);
Target: NA
Another bullish session. Weak advance decline ratios and futures traded at a small discount to spot. The index has big resistances between 5,625 and 5,650. Stop-loss shorts at 5,650. There's support at 5,550-5,575. Stop-loss long positions at 5,570. Breakouts could go till 5,500 or 5,700. A strangle of long 5,700c (28) and long 5,500p (40) remains worth holding.
DLF
Current price: Rs 246.8;
Target price: Rs 256
The stock has resistance at Rs 250-251. If it crosses that, it could run till Rs 255-256. On the downside, if support at Rs 240 breaks, it could drop till Rs 232-234. Keep a stop at Rs 241 and go long. Add to the position between Rs 250 and Rs 252. Book profits at Rs 256.
RELIANCE INDUSTRIES
Current price: Rs 771;
Target price: Rs 757
The stock could test support at Rs 764-765 and if that breaks, it might fall till Rs 755-757 or lower till Rs 745. Keep a stop at Rs 780 and go short. Add to the position between Rs 760 and Rs 764. Book profits below Rs 757.
ICICI BANK
Current price: Rs 1,040;
Target price: Rs 1,090
The stock has a lot of resistance between Rs 1,045 and Rs 1,055. If it beats that, it could have an upside till Rs 1,090-1,100 over the next five sessions. Keep a stop at Rs 1,025 and go long. Add to the position between Rs 1,055 and Rs 1,065. Book profits above Rs 1,090.
INFOSYS
Current price: Rs 2,917;
Target price: NA
The stock has risen on speculative bullish action. It could run till Rs 3,025-3,050 if the results are well-received. It could fall till Rs 2,650-2,700 if the results are poor. Use Rs 2,875 as a pivot. If the stock stays above Rs 2,875, it will have a bullish session. If it falls below Rs 2,875 (or opens low), it will have an initial downside till Rs 2,750-2,775.
The target prices and projected movements given above are in terms of the next one trading session, unless otherwise stated
