NIFTY
Current: 4,743 (January Futures: 4,757);
Target: NA
The index has hardly moved in the past three sessions. A breakout session could take it till either 4,600, or 4,900. Long futures can be stop-lossed at 4,700 and short futures at 4,800. The previously recommended long strangle of long 4,600p (45) and long 4,900c (41) can be held. It would gain 15-20 if there's a swing session of 100 points.
AXIS BANK
Current price: Rs 858;
Target price: Rs 885
The stock could test resistance at Rs 885-890 if it continues to see support through the next session or two. Keep a stop at Rs 845 and go long. Add to the position between Rs 865 and Rs 875. Start booking profits above Rs 885.
AIRTEL
Current price: Rs 320;
Target price: Rs 310
Selling pressure could push the stock down to test support near its 52-week low of Rs 305-310. Keep a stop at Rs 327 and go short. Add to the position between Rs 315 and Rs 318. Start booking profits below Rs 310. If it climbs above Rs 330 on a rebound, reverse and consider a long position because it could hit Rs 340.
RELIANCE INDUSTRIES
Current price: Rs 707;
Target price: Rs 690
The stock is likely to test support near its 52-week low of Rs 685-690. Keep a stop at Rs 720 and go short. Add to the position between Rs 695 and Rs 702. Start booking profits at Rs 690.
BHEL
Current price: Rs 259;
Target price: Rs 270
The stock seems to be receiving some selective buying. It could test resistance at Rs 365 and maybe move till Rs 270. Keep a stop at Rs 252 and go long. Add to the position between Rs 263 and Rs 266. Book profits, or partial profits at Rs 270.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated