Axis Bank
Current Price: Rs 1,300,
Target Price: Rs 1,325
The stock is moving up on a pattern of short-covering. It should be capable of hitting a minimum target of Rs 1,325 and it may test resistance at Rs 1,350. Keep a stop at Rs 1,285 and go long. Increase the position between Rs 1,310 and Rs 1,320 and reset the stop to Rs 1,305. Above Rs 1,325, book partial profits and hold the remaining position with a target of Rs 1,350 and a stop loss at Rs 1,315.
JP Associates
Current Price: Rs 95.5,
Target Price: Rs 92
The stock has seen a pattern of consistent and heavy selling and it’s hit a new low at Rs 93 yesterday. It is likely to test that level again and if it’s broken, it could fall till around the Rs 90 mark. Keep a stop at Rs 97 and go short. Increase the position between Rs 92 and Rs 93 and reset the stop loss to Rs 94. Start booking profits below Rs 90.5
DLF
Current Price: Rs 257,
Target Price: Rs 244
The stock hit a new low today at Rs 252 and managed a small recovery. It is likely to fall till Rs 252 again tomorrow and if the support is broken, it could slide all the way till between Rs 242 and Rs 245. Keep a stop at Rs 261 and go short. Increase the position between Rs 250 and Rs 252 and reset the stop to Rs 255. Below Rs 245, start booking profits.
(The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated)