NIFTY
Current: 5,607 (February futures: 5,620);
Target: NA
The index is testing resistance between 5,550 and 5,650. One session breakouts could go till 5,700, or 5,500. The expiry effect is visible in low premiums. The prior recommendation of long 5,500c (122) and short 5,600c (44) can be cashed out. A zero-delta long 5,700c (7) and long 5,500p (5) will gain if there's a big move in the next two sessions.
STERLITE
Current price: Rs 128;
Target price: Rs 121
The stock could pull back till around the Rs 120-121 level. Keep a stop at Rs 131 and go short. Add to the position between Rs 123 and Rs 125. Start booking profits below Rs 121. If Rs 131 is broken, the bounce could go till Rs 135.
TATA MOTORS
Current price: Rs 270;
Target price: Rs 255
The stock could react till the Rs 255-260 level in the next 2-3 sessions. Keep a stop at Rs 275 and short. Add to the position between Rs 262 and Rs 267. Start booking profits below Rs 257.
AXIS BANK
Current price: Rs 1,282;
Target : Rs 1,310
The stock could test resistance between Rs 1,300 and Rs 1,315 today. Keep a stop at Rs 1,270 and go long. Add to the position between Rs 1,295 and Rs 1,305. Start booking profits above Rs 1,310.
BHARTI AIRTEL
Current price: Rs 360;
Target price: Rs 370
The stock could continue its uptrend till around the Rs 370-mark. Keep a stop at Rs 353 and go long. Add to the position between Rs 362 and Rs 367. Start booking profits above Rs 370.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated