JP ASSOCIATES
Current Price: Rs 134,
Target Price: Rs 140
The stock has held above critical support at Rs 132-133. It could be set for a bounce back till the Rs 140 levels. Keep a stop at Rs 131 and go long. Increase the position between Rs 137 and Rs 138 and reset the stop loss to Rs 135. Start booking profits above Rs 140.
BHARTI AIRTEL
Current Price: Rs 317,
Target Price: Rs 308
The stock has seen heavy selling that has broken a support at Rs 320. It's likely to bottom at least temporarily in the Rs 305-310 zone. Keep a stop at Rs 321 and go short. Increase the position between Rs 311 and Rs 312. Start booking profits below Rs 308.
RELIANCE INDUSTRIES
Current Price: Rs 1,079,
Target Price: Rs 1,105
The stock has seen selling that has pulled it down to a first Fibonacci retracement level. It could either fall further further till the Rs 1,045-1,055 zone or rebound till around Rs 1,105-1,110. Tentatively, keep a stop loss at Rs 1,070 and go long. Add to the position between Rs 1,085 and Rs 1,090. Start booking profits above Rs 1,105. If the Rs 1,070 stop is broken consider going short with a stop at Rs 1,076 and a target of Rs 1,055.
(The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated)
