Three Future Calls: Low Risk and Low Return
It was an all-round effort that propelled Nifty to around 4525. Market traded around 4500 for most of the day before settling slightly above that mark. RIL was up for second consecutive day and closed almost at the highest point of the day. Rebound could take it further to around 2330, if it remains above 2240. Similarly Nifty could target 4635 if it continues to stay above 4460. Below 4460 re-test of 4375 cannot be ruled out but it would be interesting to watch the market’s behavior around 4370. IFCI is witnessing good volumes and some buildup ahead of its board meet on 12th June. Stock could move to around 66-67 but real breakout would happen if it sustains above 67. Some more rebound cannot be ruled out in extremely oversold stocks like DLF, HDIL, Punj, GMR Infra, Reliance Capital and SAIL. Trend remains down and minimum requirement for any possibility of trend reversal would be that Nifty closes above 4650 on weekly basis. Nifty has support around 4460-65 while resistance is likely around 4570 and than around 4635.
Here are some Future calls:
RIL Futures | Buy Above Rs. 2272 | Stoploss: 2256 | Target Profit: 2293 / 2310
Reliance Cap Futures | Buy Above Rs. 1146 | Stoploss: 1131 | Target Profit: 1167 / 1183
HDIL Futures | Buy Above Rs. 586 | Stoploss: 579 | Target Profit: 596 / 603
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