NIFTY
Current: 5,278 (June future: 5,283),
Target: NA
Very little movement but a downside bias. The broad market's advance-decline ratio is negative. Many pivotals have hit recent lows. The prior recommendation of a bearspread of long 5,200p (32) and short 5,100p (13) still looks good. Cost of 19, breakeven at 5,181 and max return of 81. Also previously recommended, a butterfly of long 5,300p (68), two short 5,200p (2x32) and long 5,100p (13) has a cost of 17, breakevens at 5,117, 5,283, and profits in between those levels.
BHARTI AIRTEL
Current: Rs 382
Target: Rs 367
The stock has made a sharp reversal from a recent high of Rs 398. It has reliable support at Rs 365 and it's likely to test that in the next two sessions. Keep a stop at Rs 387 and go short. Add to the position between Rs 373-377 and reset the stop to Rs 380. Book profits below Rs 367.
AXIS BANK
Current: Rs 1,255
Target: Rs 1,225 (short-term), Rs 1,170 (3 session) The stock has strong resistance at Rs 1,265-1,275. On the downside, it's likely to test Rs 1,225, and if that is broken, a three session target of Rs 1,170 is likely. Keep a stop loss at Rs 1,270 and go short. Either book profits or partial profits between Rs 1,225-1,230 or hold with a three-session target of Rs 1,170.
HINDALCO
Current: Rs 168
Target: Rs 162
The stock is likely to test support near the 52-week low of Rs 161-162 within the next three sessions. Keep a stop at Rs 171 and go short. Add to the position between Rs 164-166 and reset the stop to Rs 168. Start booking profits at Rs 162. If it rises above Rs 172, there could be a bounce till Rs 176.
AMBUJA CEMENT
Current: Rs 129
Target: Rs 115
The stock made a downside breakout below support at Rs 130 on June 21. It recovered on June 22 to test resistance at Rs 133, and then dropped below Rs 130 again, on extraordinary volumes. It's likely to slide till Rs 115 within the settlement, with some support at Rs 123. Keep a stop at Rs 131 and short with an initial target of Rs 123. Book partial profits at Rs 123. Hold the residue with a three session target of Rs 115.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated