Nifty
Current price: 5,495.25,
Target price: NA
The Nifty is range-trading 5,425-5,525. Breakouts in three sessions could be till 5,300 or 5,625. A straddle of long March 5,500c (117) and long March 5,500p (113) laid off with short 5,600c (68) and short 5,400p (77) has a net cost of 85. Theoretical break-evens are 5,415 and 5,585. In practice, both sides could settle for profits. Close short put and long call if the index moves up. Close short call and long put if the index moves down.
Axis Bank
Current price: Rs 1,285,
Target price: Rs 1,230
There’s key support at 1,275. If that is broken, the stock could fall till 1,230 in a three-session timeframe. Keep a stop at 1,300 and short. Add to the position between 1,260 and 1,270. Start booking profits below 1,235.
Hindalco
Current price: Rs 209,
Target price: Rs 201
The stock has hit resistance between 212 and 215 and it is likely to react till it finds support at around 200-202. Keep a stop at 212 and go short. Add to the position between 204 and 206. Start booking profits below 202. If 212 is broken, the stock could go till 215.
(The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated)
