NIFTY
Current: 5,559 (fut: 5,554);
Target: NA
A bounce but the futures closed at a discount to spot. This session could go back till 5,475 or 5,610. Stop-loss shorts at 5,590 and stop-loss long positions at 5,520. The long-term and intermediate trends continue to look bearish. A strangle of long 5,700c (21) and long 5,400p (25) could gain 15-20 if the index swings 75 points.
RELIANCE INFRA
Current price: Rs 344;
Target price: Rs 354
Some resistance at Rs 346-350. If that is passed, the stock could go till Rs 354-357. A pullback till Rs 326-327 is also possible. Keep a stop at Rs 339 and go long. Add to the position between Rs 348 and Rs 351. Book profits at Rs 354. If Rs 338 is broken, reverse and short with a target of Rs 327 and a stop at Rs 342.
TATA STEEL
Current price: Rs 305;
Target price: Rs 300
Recovery from a new 52-week low of Rs 300. The low is likely to be tested again. Keep a stop at Rs 308 and go long with an initial target of Rs 300. Add to the position between Rs 302 Rs 304. Book partial profits at Rs 300 and hold the rest with a new target of Rs 296 and a stop-loss at Rs 303.
AXIS BANK
Current price: Rs 1,239;
Target: Rs 1,200
The stock bounced from key support at Rs 1,200 and it could test that again. If Rs 1,200 breaks, the target is Rs 1,135-1,145. There's resistance between Rs 1,240 and Rs 1,255. Beyond Rs 1,255, there's a clear run till Rs 1,275-1,290. Keep a stop at Rs 1,250 and short. Add between Rs 1,225 and Rs 1,235. Book profits or partial profits at Rs 1,200.
TCS
Current price: Rs 1,530;
Target price: Rs 1,575
The stock could run till Rs 1,560-1,575 if it beats resistance at Rs 1,540. It could drop till Rs 1,450-1,465 if breaks support at Rs 1,510. Keep a stop at Rs 1,520 and go long. Add to the position between Rs 1,540 and Rs 1,555. Book profits above Rs 1,575. If Rs 1,510 is broken, short with a stop-loss at Rs 1,525 and a target of Rs 1,465.
Current: 5,559 (fut: 5,554);
Target: NA
A bounce but the futures closed at a discount to spot. This session could go back till 5,475 or 5,610. Stop-loss shorts at 5,590 and stop-loss long positions at 5,520. The long-term and intermediate trends continue to look bearish. A strangle of long 5,700c (21) and long 5,400p (25) could gain 15-20 if the index swings 75 points.
RELIANCE INFRA
Current price: Rs 344;
Target price: Rs 354
Some resistance at Rs 346-350. If that is passed, the stock could go till Rs 354-357. A pullback till Rs 326-327 is also possible. Keep a stop at Rs 339 and go long. Add to the position between Rs 348 and Rs 351. Book profits at Rs 354. If Rs 338 is broken, reverse and short with a target of Rs 327 and a stop at Rs 342.
TATA STEEL
Current price: Rs 305;
Target price: Rs 300
Recovery from a new 52-week low of Rs 300. The low is likely to be tested again. Keep a stop at Rs 308 and go long with an initial target of Rs 300. Add to the position between Rs 302 Rs 304. Book partial profits at Rs 300 and hold the rest with a new target of Rs 296 and a stop-loss at Rs 303.
AXIS BANK
Current price: Rs 1,239;
Target: Rs 1,200
The stock bounced from key support at Rs 1,200 and it could test that again. If Rs 1,200 breaks, the target is Rs 1,135-1,145. There's resistance between Rs 1,240 and Rs 1,255. Beyond Rs 1,255, there's a clear run till Rs 1,275-1,290. Keep a stop at Rs 1,250 and short. Add between Rs 1,225 and Rs 1,235. Book profits or partial profits at Rs 1,200.
TCS
Current price: Rs 1,530;
Target price: Rs 1,575
The stock could run till Rs 1,560-1,575 if it beats resistance at Rs 1,540. It could drop till Rs 1,450-1,465 if breaks support at Rs 1,510. Keep a stop at Rs 1,520 and go long. Add to the position between Rs 1,540 and Rs 1,555. Book profits above Rs 1,575. If Rs 1,510 is broken, short with a stop-loss at Rs 1,525 and a target of Rs 1,465.
The target prices and projected movements given above are in terms of the next one trading session, unless otherwise stated
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