NIFTY
Current: 5,933 (futures: 5,939);
Target: NA
Resistance at 5,970. Support at 5,920. The rise yesterday was driven by short-covering with poor marketwide advance-decline ratios and selling pressure at end-session. Futures premium is nominal. On Wednesday the index could swing between 5,875 and 5,990. Stop-loss shorts at 5,965 and stop-loss long positions at 5,900.
RELIANCE INFRASTRUCTURE
Current price: Rs 480;
Target price: Rs 460
New one-month low at Rs 475. Support between Rs 473 and Rs 477. Potential target of Rs 455-460. Keep a stop at Rs 485 and short. Add to the position between Rs 470 and Rs 475. Book profits below Rs 460.
TCS
Current price: Rs 1,435;
Target price: Rs 1,480
A new 52-week high at Rs 1,441. The stock could move till Rs 1,480-1,500 if resistance between Rs 1,435 and Rs 1,445 is overcome. Keep a stop loss at Rs 1,415 and go long. Add to the position between Rs 1,440 and Rs 1,455. Book profits above Rs 1,480.
TATA STEEL
Current price: Rs 376;
Target price: Rs 362
If support at Rs 372-375 breaks, the stock could slide till Rs 358-362 with some support at Rs 366-368. Keep a stop at Rs 381 and short. Add to the position between Rs 372 and Rs 375. Book partial profits at Rs 366 and clear the position at Rs 362.
STATE BANK OF INDIA
Current price: Rs 2,255;
Target price: Rs 2,200
The stock has reasonable support at Rs 2,240-2,260. If that breaks, a fall till Rs 2,180-2,200 is likely. Keep a stop at Rs 2,285 and short. Add to the position between Rs 2,225 and Rs 2,240. Book profits below Rs 2,200.
The target prices and projected movements given above are in terms of the next one trading session, unless otherwise stated
