NIFTY
Current: 5,398 (June futures: 5,409)
Target: NA
The index looks close a definitive breakout. It could fall till 5,300 or bounce till 5,500 within three sessions. Previously recommended June bearspreads like long 5,400p (71) and short 5,300p (37) are profitable and should continue to be held. A trader may also consider a long 5,600c (15), since this will gain sharply if the market does have a recovery.
AXIS BANK
Current: Rs 1,218
Target: Rs 1,170
This stock is a high-beta play on the banking sector. The stock is testing key support, If it closes below Rs 1,200, it could fall to Rs 1,170 and maybe lower, till Rs 1,150 inside 3-5 sessions. Keep a stop at Rs 1,235 and go short. Add to the position between Rs 1,190-1,200 and reset the stop to Rs 1,210. Book profits at Rs 1,170.
RELIANCE INDUSTRIES
Current: Rs 888
Target: Rs 860
The stock has made a high volume downside breakout. It could recover till around Rs 910-915 but more likely it will fall till Rs 850. Keep a stop at Rs 905 and go short. Add to the position between Rs 870-880 and reset the stop to Rs 885. Start booking profits at Rs 860.
IDFC
Current: Rs 120
Target: Rs 115
The stock has made a downside breakout on huge volumes. It will test support near the 52-week low of Rs 115. If it closes below Rs 115, it is likely to test Rs 105. Keep a stop at Rs 125 and short. Add to the position between Rs 117-118 and reset the stop to Rs 120. Book profits at Rs 115. A bounce above Rs 125 could mean a reversal till Rs 129-130.
HIND UNILEVER
Current: Rs 321
Target: Rs 335
A previous (June 2) projection of a Rs 330 target remains valid and the suggested stop loss of Rs 304 has not been broken. The last two sessions have been quite strong and HUL may achieve higher target of Rs 332-335 before settlement. Reset the stop to Rs 315 and add to the position between Rs 323-326. Book partial profits at Rs 330 and target Rs 335 with a settlement perspective. If the Rs 315 stop is broken, the next support is Rs 310.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
