NIFTY
Current: 5,226 (futures: 5,252)
Target: NA
A big session could result in a move till either 5,150, or 5,300. Note the positive carry on the futures. Stop-loss long positions at 5,200 and stop-loss shorts at 5,300. A bearspread of long 5,200p (60) and short 5,100p (31) costs 29 and could gain 15-20 if the index falls below 5,200.
AXIS BANK
Current price: Rs 930
Target price: Rs 890
If the stock breaks key support between Rs 920 and Rs 930, it could fall till Rs 880-890. On the upside, a bounce could go till Rs 990-1,000. Go short with a stop-loss at Rs 950. Add to the position between Rs 905 and Rs 920. Book profits below Rs 890.
JINDAL STEEL & POWER
Current price: Rs 336
Target price: Rs 326
The new 52-week low at Rs 331-332 will be tested. If it breaks, Rs 324-326 is likely. Go short with a stop-loss at Rs 342. Add to the position between Rs 330 and Rs 332. Book profits at Rs 324. If Rs 342 breaks, a bounce till Rs 350 is possible.
BHARTI AIRTEL
Current price: Rs 258
Target price: Rs 265
The stock may have bottomed out. It hit resistance at Rs 263-265 and a crossover Rs 265 would take it till Rs 270 with a three-session timeframe. Keep a stop at Rs 253 and go long. Add to the position between Rs 260 and Rs 262. Book profits or partial profits at Rs 265.
TCS
Current price: Rs 1,365
Target price: Rs 1,400
The stock will test its 52-week high of Rs 1,388-1,389. A breakout would target Rs 1,400-1,410. Keep a stop at Rs 1,340 and go long. Add between Rs 1,372 and Rs 1,380. Book partial profits at Rs 1,390 and hold the rest for a target of Rs 1,400.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated