Today's picks

Airtel, Axis Bank & Hindalco

AIRTEL
Current Price: Rs 354,
Target Price: Rs 360
The stock has made a “mini breakout” on high volumes. It could have a target in the range of Rs 360 but it could also fall back to test support at Rs 350. Keep a stop at Rs 351 and go long. Increase the position between Rs 356 and Rs 357. Book profits above Rs 360. If it drops to below Rs 350, go short with a stop at Rs 352 and a target of Rs 344.

AXIS BANK
Current Price: Rs 1,312,
Target Price: Rs 1,285
The stock is likely to hit resistance at Rs 1,318-1,320 and fall back to retest support at Rs 1,285. Keep a stop at Rs 1,320 and go short. Increase the position between Rs 1,300 and Rs 1,305. Start booking profits below Rs 1,287. If Rs 1,320 is broken, a bounce till Rs 1,332 is possible.

HINDALCO
Current Price: Rs 241.5,
Target Price: Rs 248
The stock has made a breakout backed by volume expansion and it will probably test resistance at Rs 243. If it crosses Rs 243, it could climb till Rs 248. However, on the downside, it could slide till Rs 239. Keep a stop at Rs 240 and go long. Add to the position between Rs 243 and Rs 244. Start booking profits above Rs 247.

(The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated)