Bharti Airtel
Current price: Rs 261.5
Target price: Rs 275
The volume at 26.4 million shares (as Airtel lost 8 per cent on Wednesday) was several multiples of the average daily volume of five million. It may have been a selling climax where supply is temporarily exhausted. In that case, prices will correct back to the Rs 275 mark on low volumes. Keep a stop loss at Rs 255 and go long. Clear the position at Rs 275.
BankNifty
Current level: 9,722
Target level: 9,800
The banking index has seen a sharp recovery from the recent low of 9,235 on May 7. Individual stocks have generated ample volumes on the upmove. Breadth has been positive. There seems to be an upside till above the 9,800 mark and that should be reached on Thursday. Keep a stop at 9,690 and go long. Clear the position above 9,800.
DLF
Current price: Rs 296.75
Target price: Rs 285
The stock is again likely top test support between Rs 280 and Rs 285 levels. It has a bearish intermediate pattern of falling tops and bottoms, coupled with falling volumes. Keep a stop at Rs 301 and go short. Increase the position between Rs 288 and Rs 290 price levels. Then clear the position below Rs 285.
(Devangshu Datta — The target price and projected movements given above are in terms of the next one trading session unless otherwise stated)