NIFTY Current: 5,571 (fut: 5,595 ) Target: NA The futures is at 20-30 points premium to underlying. A swing could take the index to 5,650 (fut 5,675) or 5,500 (fut 5,525). Use support at 5,550 (fut: 5,575) and resistance at 5,600 (fut: 5,625) as stop losses. A bearspread of long 5,500p (19) and short 5,400p (6) costs 13. It could double if 5,500 is hit
AXIS BANK Current price: Rs 1,214 Target price: Rs 1,240 The stock could bounce till Rs 1,240-1,250 or fall till Rs 1,170-1,180 if support at Rs 1,200 is broken. Keep a stop at Rs 1,200 and go long. Add to the position between Rs 1,220-1,230. Book profits above Rs 1,240.
TATA POWER Current price: Rs 97 Target price: Rs 91 The stock has trended down on high volumes. A drop till Rs 90-91 is on the cards. Go short with a stop at Rs 99.
Add to the position between Rs 94-95.5. Book profits below Rs 91
ITC Current price: Rs 282 Target price: Rs 275 The stock bounced off support at Rs 273. It has major resistance at Rs 283-285. Keep a stop at Rs 286 and go short. Add to the position between Rs 279 and Rs 281. Book profits below Rs 275. If Rs 286 is broken, a rise till Rs 290-291 is possible.
MARUTI Current price: Rs 1,495 Target price: Rs 1,525 The stock hit a new high (Rs 1,506) on good volumes. It could move till Rs 1,525-1540 if it beats resistance between Rs 1,500-1510. Keep a stop at Rs 1,475 and go long. Add to the position between Rs 1,505 and Rs 1,520. Book profits above Rs 1,525.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated