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Reliance Industries Ltd
The stock is rangebound between 925-1185. It is in a downtrend in short to medium term. It has support at 950. Hold with a stop loss of 920.The earnings were good with the company reporting a 23 per cent growth in revenue. Buy at 950 levels with a target of 1350.

Polaris Software Lab Ltd
The stock is in a downtrend and is trading below its 200 day moving average. The short term averages are below the long term averages. The stock has strong support at 140 levels.The company’s 85-90 per cent business comes from the BFSI (banking, financial and insurance sector) sector which is doing well. It is trading close to the previous lows of 150 after correction. Buy with a target of 200 in medium term.

Hero Honda Motors Ltd
The stock has been an outperformer over the last week and is forming higher tops and bottoms on the weekly charts. The stock looks strong in the medium term. Hold with a stop loss of 1825 for a target of 2300. The stock has resistance at 2075 levels. Though bike sales are brisk, earnings indicate margin pressure. The stock has resistance at 2075 levels. Book partial profits and wait for dips to buy.

The Nifty, on its way up, faces strong resistance at 6,029 points. If the Nifty closes above this level, it would be the first indication of the beginning of a rally, which has a target of 6,187. At current levels, this means a gain of roughly 300 points. On its way down last week, the Nifty saw decent support at 5,864, which was very close to the level of 5,856 mentioned in my last column. Strong support for the Nifty has now shifted to 5,712.

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