NIFTY
Current spot: 5,592 (June: 5,592)
Target: NA
The index inched up. Targets remain unchanged - either 5,700 on the upside if the short-term uptrend holds, or a slide till 5,450 if the trend breaks. Hold the earlier recommendation of long June future, with a stop loss at 5,570 coupled to a bearspread of long 5,500p (60) and short 5,400p (24), which could work both ways. For a long bias, a long call butterfly with long 5,600c (90), two short 5700c (2x48) and long 5,800c (23), costs 17 and could pay a max of 83 at 5700.
BHARTI AIRTEL
Current: Rs 382
Target: Rs 402
There's serious resistance between Rs 385-390 but if that is crossed, Airtel could climb to between Rs 400-405. Keep a stop at Rs 375 and go long with a 3-session perspective. Add to the position between Rs 390-393 and reset the stop to Rs 388. Start booking profits above Rs 402. If Rs 375 is broken, the stock could slide back till the Rs 365 level.
TATA MOTORS
Current: Rs 1,080
Target: Rs 1,025
The stock is testing a key support at Rs 1,075. If it closes below Rs 1,070, it could be set for a drop to Rs 1,015-1,025. Keep a stop at Rs 1,100 and short with a 3-session perspective . Add to the position between Rs 1,060-1,070 and reset the stop to Rs 1,080. Book partial profits at Rs 1,050 and hold the rest for a target of 1025.
HIND UNILEVER
Current: Rs 310.5
Target: Rs 330
There's key resistance between Rs 310-313. If HUL can break out till Rs 315, it could have a 5-session target of Rs 330. Keep a stop at Rs 304 and go long. Add to the position between Rs 313- 316 and reset the stop to Rs 310. Book partial profits above Rs 320 and hold the rest for a target of Rs 330. If Rs 304 is broken, a slide back till Rs 290 is possible.
AXIS BANK
Current: Rs 1,278
Target: Rs 1,240
Axis is very closely correlated to the BankNifty and it has a high beta. The chart pattern suggests it is due for a downswing till the Rs 1,235-1,245 level. Keep a stop at Rs 1,290 and go short. Add to the short between Rs 1,255-1,265 and reset the stop to 1270. Book profits at Rs 1,240.
The target price and projected movements given above are in terms of the next one trading session
