AXIS BANK
Current price: Rs 1,270,
Target price: Rs 1,300
The stock closed strong on high volumes. It may have made a small upward breakout and should test resistance at Rs 1,300-1,310. Keep a stop at Rs 1,250 and go long. Increase the position between Rs 1,280 and Rs 1,285. Book profits above Rs 1,300. If the Rs 1,250 stop is broken, the stock could fall till Rs 1,205, so reverse and short with a stop loss at Rs 1,255.
TATA STEEL
Current price: Rs 620,
Target price: Rs 632
The stock has jumped on appreciably lower volumes. This is a rally driven by short covering, but it could continue till around the Rs 630-635 band. Keep a stop at Rs 612 and go long. Increase the position between Rs 627 and Rs 630. Above Rs 632, start booking profits. If Rs 612 is broken, the stock could correct back to support around Rs 595.
L&T
Current price: Rs 1,660,
Target price: Rs 1,690
The stock has registered its third successive up-session on expanding volumes. It could run up till it hits resistance at Rs 1,685-1,695. Keep a stop at Rs 1,635 and go long. Increase the position between Rs 1,670 and Rs 1,675. Start booking profits above Rs 1,690. If you can hold three to five sessions, look for a target of Rs 1,730.
(The target price and projected movements given above are in terms of the next one trading session)