BAJAJ AUTO
Current Price: Rs 1,214,
Target Price: Rs 1,165/ 1,260
The stock is dropping lower on strong volumes. It is likely to test support at Rs 1,155-1,165 in the next three sessions. On the upside, short covering could take it to Rs 1,260-1,270. Try trading the Rs 1,160-1,260 range. Short with a stop at Rs 1,235, and a target of Rs 1,160. If the initial Rs 1,235 stop is broken, go long with a target of Rs 1,260 and a stop loss at Rs 1,220. If the short gains, increase the position between Rs 1,190 and Rs 1,205 and 'double-plus', reversing at Rs 1,165 with a stop loss at Rs 1,150 and a target of Rs 1,235.BANK NIFTY
Current Price: Rs 10,481
(Feb futures: 10,497),
Target Price: Rs 10,275
The financial index is likely to test support at Rs 10,400 today or tomorrow. If Rs 10,400 is broken, it could fall till around Rs 10,250. Keep a stop at Rs 10,600 and go short with an initial target of Rs 10,400. If Rs 10,440 is broken, increase the position between Rs 10,350 and Rs 10,400 and reset the stop to Rs 10,425. Start booking profits below Rs 10,300.RELIANCE COMMUNICATIONS
Current Price: Rs 117,
Target Price: Rs 113
The stock has hit successive 52-week lows on high volumes in the past two sessions. It closed weak yesterday and it could slide till around the Rs 112-113 mark if there's more selling in the next three-sessions. Keep a stop at Rs 119 and short. Increase the position between Rs 114 and Rs 115 and reset the stop to Rs 116. Book profits below Rs 113. Related Articles
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