Reliance Industries
Current Price: Rs 1,032,
Target Price: Rs 1,055
The stock has resistance at Rs 1,037 and a potential upside till Rs 1,050-1,055, with support at Rs 1,020. Keep a stop at Rs 1,020 and go long. Add to the position between Rs 1,037 and Rs 1,040. Start booking profits above Rs 1,053. If the Rs 1,020 stop-loss is broken, go short with a target of Rs 1,000 and a stop at Rs 1,025.
SBI
Current Price: Rs 2,856
Target Price: Rs 2,910
The stock closed strong and it could test targets in the Rs 2,900-2,925 zone today if it can cross resistance at Rs 2870. Keep a stop at Rs 2820 and go long. Add to the position between Rs 2,870 and Rs 2,880 and reset the stop to Rs 2,850. Start booking profits above Rs 2,900. If the Rs 2820 stop is broken, consider going short since the scrip could slide to Rs 2,775.
JP Associates
Current Price: Rs 92,
Target Price: Rs 96
There’s key resistance at Rs 92-93. If that is broken, the sock could jump till Rs 96. Otherwise, it could slide till Rs 87-88. Keep a stop at Rs 90 and go long. Increase the position between Rs 93 and Rs 94 and book profits above Rs 95.5. If the Rs 90 stop is broken, reverse the position and short with a target of Rs 87.
Hindalco
Current Price: Rs 205,
Target Price: Rs 199
The stock is likely to slide towards support at Rs 199-200 if it drops below Rs 204. On the upside, there’s resistance between Rs 209 and Rs 210. Keep a stop at Rs 207 and go short. Increase the position between Rs 203 and Rs 204. Start booking profits below Rs 200.
M&M
Current Price: Rs 710,
Target Price: Rs 730
The stock could find a target of Rs 730-732. It could also slide till Rs 690. Keep a stop at Rs 700 and go long. Increase the position between Rs 713-716 and reset the stop to Rs 710. Start booking profits above Rs 730. If the Rs 700 stop is broken, consider going short with a stop at Rs 707 and a target of Rs 690.
The target price and projected movements given above are in terms of the next one trading session
