Trading desk

JP Associates, Reliance Industries & HUL

JP Associates
Current price: Rs 109
Target price: Rs 105

Heavy selling forced the stock to a new 52-week low. The chart pattern suggests it could fall till around Rs 105. Keep a stop at Rs 110.5 and go short. Increase the position between Rs 107 and Rs 108. Start booking profits below the Rs 106 mark. If you can hold a futures for five-session, you could look for a target of Rs 100.

Reliance Industries
Current price: Rs 919
Target price: Rs 945

The stock dropped to a low of Rs 915 on heavy selling. The downtrend will continue. But there may be a bounce till around Rs 950, since the initial breakout target was fulfilled. Keep a stop at Rs 910 and go long. Increase the position between Rs 930 and Rs 935. Booking profits above Rs 945. If the Rs 910 stop is broken, short with a target of Rs 890 and a stop at Rs 920.

HUL
Current price: Rs 264.5
Target price: Rs 270

HUL is often counter-cyclical to major market trends because it is seen as a safe stock. It's coming off a low at around Rs 261. It could rise till Rs 270- Rs 272 today and till around Rs 275 within the week. Keep a stop at Rs 262 and go long. Increase the position between Rs 266 and Rs 267. Book profits above Rs 269.

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