NIFTY
Current: 6,050 (fut: 6,059);
Target: NA
Maybe a bearish double-top at 6,080-6,090. Resistance at 6,085. Support at 6,045. Nominal futures premium. Use these as stop losses. Breakouts could be till 5,990 or 6,125. A bearspread of long 5,900p (38) and short 5,800p (21) could double if the index drops below 6,000.
PNB
Current price: Rs 783 ;
Target price: Rs 760
Resistance at Rs 792-795. The stock could test that or react down to the Rs 750-760 levels. Keep a stop at Rs 796 and short. Add to the position between Rs 770 and Rs 778. Book profits below Rs 760.
RELIANCE INDUSTRIES
Current price: Rs 818;
Target price: Rs 765
A pullback till Rs 795-800 is possible and below Rs 795, it could fall till Rs 765. Keep a stop at Rs 832 and short. Add to the position between Rs 805 and Rs 815. Book partial profits at Rs 795 and hold with a new stop-loss at Rs 815.
ITC
Current price: Rs 345;
Target price: Rs 352
The stock broke to a new high. Keep a stop at Rs 340 and go long. Add to the position between Rs 346 and Rs 350. Book profits above Rs 352 or book partial profits and hold with a new stop-loss at Rs 348.
Current: 6,050 (fut: 6,059);
Target: NA
Maybe a bearish double-top at 6,080-6,090. Resistance at 6,085. Support at 6,045. Nominal futures premium. Use these as stop losses. Breakouts could be till 5,990 or 6,125. A bearspread of long 5,900p (38) and short 5,800p (21) could double if the index drops below 6,000.
PNB
Current price: Rs 783 ;
Target price: Rs 760
Resistance at Rs 792-795. The stock could test that or react down to the Rs 750-760 levels. Keep a stop at Rs 796 and short. Add to the position between Rs 770 and Rs 778. Book profits below Rs 760.
RELIANCE INDUSTRIES
Current price: Rs 818;
Target price: Rs 765
A pullback till Rs 795-800 is possible and below Rs 795, it could fall till Rs 765. Keep a stop at Rs 832 and short. Add to the position between Rs 805 and Rs 815. Book partial profits at Rs 795 and hold with a new stop-loss at Rs 815.
ITC
Current price: Rs 345;
Target price: Rs 352
The stock broke to a new high. Keep a stop at Rs 340 and go long. Add to the position between Rs 346 and Rs 350. Book profits above Rs 352 or book partial profits and hold with a new stop-loss at Rs 348.
The target prices and projected movements given above are in terms of the next trading session, unless otherwise stated
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