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Reliance Capital opens high and sell the stock on strength at around Rs.462.5/471 with a stop of Rs.481. The stock will have retest the lows once again in 48 hours. The key is Rs.458
Nifty Spot: The Nifty gained over 5% on a see-saw day of trading. After 7 days of Bear dominance; we are seeing a bullish candle. A contra-trend rally may be on the cards; but at this moment one should treat it as “running correction” and wait for a confirmation in the coming days. Resistance to the rise is pegged at 2770 and 2852 points. A decisive close on volumes above 2856 can lead to further upside. Support in declines is at 2655 and 2580 points. It would be prudent to trade in option-calls of heavyweight stocks. Keep taking profits and a strict stop loss is must as markets will be volatile.
Nifty spot Resistance: 2770, 2825, 2856, 2880-2915
Support: 2652, 2620, 2585, 2520.