DERIVATIVE PICK 16 03 2011

• RELIANCE ( CASH – Rs.1037.25) : After a very long time, Reliance Industries has clearly displayed leadership status pulling the market from the morning lows singlehandedly. Buying is advised above Rs.1050 for a target of Rs.1062 and Rs.1074. Higher targets of Rs.1083-1085 is also possible. Stop Loss of Rs.1029 should be kept. The time frame of the trade would be around 7-8 trading sessions.

• BHUSAN STEEL ( CASH – Rs.437.55) : The stock has shown a lot of strength and the counter saw buying form operators and funds in a big way. Buying is advised above Rs.448 for a target of Rs.456 and Rs.465. Higher target of Rs.476-478 is also possible. Stop Loss of Rs.437 should be kept. The time frame of the trade would be around 7-8 trading sessions.