GMR Infra
Current Price: Rs 49.5,
Target Price: Rs 53.5
There’s massive resistance at Rs 50-56 but if that is broken, the stock could have a ride till Rs 54. We’ve seen three uptrending sessions. Conversely there’s good support at Rs 47-48. Keep a stop at Rs 48 and go long. Increase the position between Rs 50.5 and Rs 51.5. Start booking profits above Rs 53.5.
Hindalco
Current Price: Rs 219,
Target Price: Rs 228
The stock has bounced sharply on decent volumes. It could test resistances in the Rs 228-243 zone. Keep a stop at Rs 215 and go long. Increase the position between Rs 221and Rs 223 and reset the stop loss to Rs 219. Start booking profits above Rs 227.
Reliance
Current Price: Rs 1,011,
Target Price: Rs 1,035
The stock is coming off lows in the Rs 960 region and volumes have expanded. It could have targets in the region of Rs 1,035-1,045. Keep a stop at Rs 1,000 and go long. Increase the position between Rs 1,020 and Rs 1,025. Start booking profits above Rs 1,035. If the stock slides below Rs 995, consider a short with a target of Rs 965 and a stop loss at Rs 1,000.
(The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated)
