Nifty
Current: 5,874( April: 5,877; May: 5,912),
Target: NA
Just three sessions for settlement and positive carry in the May vesus April futures. The index is range trading. Support exists at 50-point intervals up from 5,700. There’s resistance between 5,900 and 6,000. A long April 5,800p (17.5) and long April 5,900c (30.5) would work well given a single swing session by settlement. Breakevens are 5,752; 5,948. Maximum loss is 48 and at least one of these options will settle at profit.
Axis Bank
Current Price: Rs 1,377.30,
Target Price: Rs 1,335
The stock saw heavy selling down to a support between Rs 1,370 and Rs 1,380. The pattern suggests that a downside till around Rs 1,335 is likely if it drops below Rs 1,370. It’s possible that it could fall lower till around Rs 1,300. Keep a stop at Rs 1,390 and short. Increase the position between Rs 1,355 and Rs 1,365 and reset the stop to Rs 1,375. Book profits at Rs 1,335.
DLF
Current Price: Rs 241.70,
Target Price: Rs 229
The stock is reacting from around Rs 275 and it could retrace till the zone between Rs 225 and Rs 230 within the settlement before it finds reliable support. It will be highly volatile. Keep a stop at Rs 246 and go short. Increase the position between Rs 235 and Rs 238 and reset the stop to Rs 242. Start booking profits below Rs 230.
Infosys
Current: Rs 2,941.30
Target Price: Rs 2,880
The stock dropped to around Rs 2,880 before stabilising. If it manages a breakout past Rs 2,980, it could move till Rs 3,100. Another downswing could push it back till Rs 2,875-2,900. It closed weak yesterday. Keep a stop at Rs 2,965 and short. Increase the position between Rs 2,910 and Rs 2,925 and reset the stop to Rs 2,940. Booking profits around Rs 2,880. If the Rs 2,965 stop is broken, consider a long position with a target of Rs 3,100 early in the May settlement
Maruti
Current Price: Rs 1,326.45,
Target Price: Rs 1,375
The stock has made a breakout on high volumes. It could have a target of between Rs 1,375 and Rs 1,400 within settlement. Keep a stop at Rs 1,305 and go long. Add to the position between Rs 1,335 and Rs 1,345 and reset the stop to Rs 1,330. Start booking profits above Rs 1,375.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated