AXIS BANK
Current price: Rs 1,321,
Target price: Rs 1,275
The stock has aborted a recovery after hitting resistance at Rs 1,340-1,350. It’s likely to slide back till it hits support at Rs 1,275. Keep a stop at Rs 1,335 and go short. Add to the position between Rs 1,295 and Rs 1,305. Start booking profits below Rs 1,280.
HINDALCO
Current price: Rs 221.6,
Target price: Rs 211
The stock has huge resistance above current levels. It is most likely to test support down to Rs 210 and range trade Rs 210-225. Keep a stop at Rs 225 and go short. Add to the short between Rs 216 and Rs 218. Start booking profits below Rs 212. If Rs 225 is broken, consider reversing and going long with a stop loss at Rs 221 and a target of Rs 232.
NTPC
Current price: Rs 196,
Target price: Rs 204
The stock is at a key congestion zone, If it can climb past Rs 199, it will probably hit Rs 204. If it cannot beat Rs 198-199, it will probably drop till around Rs 191. Volumes have improved and a long position can be taken with a stop loss at Rs 193. Increase the position Rs 199 and Rs 200. Book profits above Rs 203. If Rs 193 is broken, the stock will probably bounce from Rs 191 and range-trade Rs 191-196.
(The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated)