Tech Picks: Day trading guide by Tejas Shah, Edelweiss

Two weeks of sideways consolidation has resolved lower with a breach of support at 7772 gap area leading the short-term momentum to roll bearish. However, the price action is of consolidation nature and based on options open interest structure, expect Nifty to hold above 7700 in the immediate near-term and perhaps continue oscillating in 7700-8000 band even as the broader markets display relative outperformance.



RELIANCE INDUSTRIES Correction to 200-DMA support is a good entry point to build trading positions.
LAST CLOSE Rs 976, STOP LOSS, Rs 955 BUY TARGET Rs 1,020.

TITAN COMPANY Re-test of earlier breakout point offers a low risk entry opportunity.
LAST CLOSE Rs 361, STOP LOSS Rs 347, BUY TARGET Rs 387.

BOSCH Short-term uptrend breached with a trend line break and momentum rolling over.
LAST CLOSE Rs 19,408, STOP LOSS Rs 20,150, SELL TARGET Rs 18,350.

UNION BANK Breakdown from a head & shoulder distribution pattern warns of sharp downside risk.
LAST CLOSE Rs 124, STOP LOSS Rs 129, SELL TARGET Rs 114.