Trading desk

Reliance, Hind Unilever & BankNifty

Reliance
Current Price: Rs 996,
Target Price: Rs 975

The stock is seeing heavy trading volume and it has a clearly bearish pattern. It's likely to test recent support at Rs 970-975 again. On the upside, there's resistance at Rs 1,005-1,010. Keep a stop at Rs 1,005 and go short. Increase the position between Rs 985 and Rs 990 and reset the stop to Rs 992. Start booking profits below Rs 975.

Hind Unilever
Current Price: Rs 300,
Target Price: Rs 306

The stock has consolidated at support around Rs 300 and it could move up till around Rs 306, given volume expansion in the last session. Keep a stop at Rs 297 and go long. Increase the position between Rs 302 and Rs 303. Start booking profits above Rs 306.

BankNifty
Current Price: 12,206,
Target Price: 11,950

The financial index has a clear down-trending pattern with massive intra-day swings of 400+ points (around 3 per cent) in the past 5 sessions. It is likely to test support between 11,900-12,000 again. Keep a stop at 12,320 and short. Increase the position between Rs 12,050-12,150. Start booking profits below Rs 12000.

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