NIFTY
Current: 4,956 (January Futures: 4,948);
Target: NA
The index could continue range-trading between 4,925 and 4,975. Breakout expectations would be 4,850, or 5,035. Stop-loss short futures positions at 5,000 and stop-loss long futures at 4,800. A long strangle of long 4,800p (16) and long 5,100c (8) could double on a 100-point swing.
RELIANCE INDUSTRIES
Current price: Rs 780;
Target price: Rs 805
Obviously the buyback offer is driving the price. Assuming another up-session, the resistance between Rs 800 and Rs 810 will be tested today. There is support at Rs 765. Keep a stop at Rs 770 and go long. Add to the position between Rs 790 and Rs 800. Book profits above Rs 805.
DLF
Current price: Rs 201.5;
Target price: Rs 212
The stock has major resistances between Rs 203 and Rs 205. If there is a selloff, it could drop till Rs 195 in the next two sessions. If it crosses Rs 205, it could run till Rs 212-215. Keep a stop at Rs 197 and go long. Add to the position between Rs 205 and Rs 207. Book profits above Rs 212.
WIPRO
Current price: Rs 404;
Target price: Rs 390
The stock could slide till around the Rs 390 level in the next couple of sessions. On the upside, there will be resistance above Rs 412. Set a stop at Rs 412 and go short. Add to the position between Rs 397 and Rs 400. Start booking profits at Rs 390.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
