NIFTY
Current: 5,381 (Mar fut: 5,414),
Target: NA
The market seems to have gone bearish. One session swings tomorrow could be till 5,225, or 5,550. A strangle of long 5,200p (43) and long 5,600p (41) costs 84 and it could double in value on a big session. A bearish perspective could be backed by a long 5,200p and short 5,100p (27), costing 16. The spread would multiply in value on a big fall.
AXIS BANK
Current: Rs 1,242;
Target: Rs 1,200
Axis is a high-beta proxy for the Bank Nifty. It is likely to be bearish and it could fall till Rs 1,190-1,200. On the upside, it might test Rs 1,270. Go short with a stop at Rs 1,250. Increase the position between Rs 1,225 and Rs 1,235. Book profits below Rs 1,200. If the Rs 1,250 stop is broken, consider going long.
IDFC
Current: Rs 145;
Target: Rs 130
Another financial stock that looks bearish with a possible range of Rs 125-155. Keep a stop at Rs 152 and go short. Add to the position between Rs 139-142. Book profits below Rs 130. If it rises above Rs 155, consider a long position with a target of Rs 162.
DLF
Current: Rs 196;
Target: Rs 187
The stock looks bearish and it could fall till the Rs 185-187 level. Keep a stop at Rs 200 and go shoirt. Add to the position between Rs 190 and Rs 192. Start booking profits below Rs 188.
RELIANCE
Current: Rs 796,
Target: Rs 775
The stock saw steady selling through the past session. It could retrace until it hits support between Rs 765 and Rs 775. Keep a stop at Rs 810 and go short. Add to the position between Rs 783 and Rs 790. Book profits below Rs 775.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
Note: All the targets are for one-session only. Budget session is often prone to excessive volatility