RELIANCE INDUSTRIES
Current price:

Rs 1,020
Target price: Rs 990

The stock has seen selling since the results came through. It could have a downside till Rs 990 on Thursday but, support at that level may trigger a pullback till Rs 1,025 level. Keep a stop at Rs 1,030 and go short. Start covering the position below Rs 1,000 and reset the stop to Rs 1,010. If the stock lifts above Rs 1,025, it could jump back till the Rs 1,050 level.

JP ASSOCIATES
Current price: Rs 119.70
Target Price: Rs 116 The stock has seen a clear trend reversal to bearish on high trading volumes. It could bottom out when it hits support at Rs 114-117. Keep a stop at Rs 120 and go short. Below Rs 119, add to the position and start booking profits below the Rs 117-mark. There is a chance of a slide till Rs 112 in the timeframe of 3-5 sessions.

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The stock has made an upside breakout on high volumes. The chart pattern suggests it could rise till Rs 655 or even go beyond, till the Rs 665-mark over the next 3 sessions. For Thursday, set a stop loss at Rs 642 and go long. Increase the position at Rs 650-652 and reset the stop to Rs 648. Start booking profits at Rs 655.

The target price and projected movements given above are in terms of the next one trading session unless otherwise stated

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