Trading desk

Axis Bank, IDFC & Tata Steel

Axis Bank
Current Price:Rs 1,568,
Target Price: Rs 1,595

The stock may be bottoming after a correction from Rs 1,596 and could bounce back to those levels. However, if this support doesn't hold, it will drop till Rs 1,550. Keep a stop at Rs 1,560 and go long. Increase the position between Rs 1,570 and Rs 1,575. Start booking profits above Rs 1,592.

IDFC
Current Price:Rs 205,
Target Price: Rs 200

The stock has started correcting from a recent top at Rs 213. It could slide till around Rs 200 today and till Rs 195 in the next three sessions. Keep a stop at Rs 208 and go short. Increase the position between Rs 202 and Rs 203 and reset the stop to Rs 204. Start booking profits below Rs 200.5 or hold for three sessions with a stop at Rs 203 and a target of Rs 195.

Tata Steel
Current Price: Rs 649.7,
Target Price: Rs 630

The stock has seen a sharp correction on high volumes from a recent top at Rs 682. It has some support at current levels and the next reliable support is at Rs 630. Keep a stop at Rs 652 and go short. Increase the position between Rs 640 and Rs 642. Start booking profits below the Rs 632 mark.

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