Axis Bank
Current Price: Rs 1,422,
Target Price: Rs 1,390
The stock could hit resistance at Rs 1,430-1,435 and pullback to somewhere between Rs 1,375 and Rs 1,390. It could also rise till around Rs 1,465 if the resistance is broken. Keep a stop-loss at Rs 1,435 and go short. Increase the position between Rs 1,400 and Rs 1,410 and reset the stop to Rs 1,420. Start booking profits below Rs 1,390.
Bharti Airtel
Current Price: Rs 361,
Target Price: Rs 371
The stock has moved up on high volumes. It could have the momentum to test Rs 370-372, but there is also significant downside risk. Keep a stop at Rs 355 and go long. Increase the position between Rs 365 and Rs 368. Start booking profits above Rs 371. If the Rs 355 stop is broken, consider going short since the next reliable support is at Rs 345.
DLF
Current Price: Rs 253,
Target Price: Rs 245
The stock has made a sharp upmove on short-covering. But it has very strong resistance at Rs 257-258 and it could correct back till around the Rs 245 levels. Keep a stop at Rs 257 and go short. Increase the position between Rs 248 and Rs 250 and reset the stop to Rs 253. Book profits below Rs 245.
Also Read
HDFC
Current Price: Rs 683,
Target Price: Rs 695
The stock seems to be rising on short-covering but it could have enough momentum to test resistance between Rs 695 and Rs 700 by March 31. Keep a stop at Rs 675 and go long. Increase the position between Rs 690 and Rs 692. Start booking profits above 695.
Gail
Current Price: Rs 454,
Target Price: Rs 465
The stock may be consolidating at lower levels on short covering. It has support between Rs 448 and Rs 452. On the upside it could test Rs 465. Keep a stop at Rs 448 and go long. Increase the position between Rs 459 and Rs 462. Start booking profits above Rs 465.
The target price and projected movements given above are in terms of the next one trading session