NIFTY
Current: 5,650 (July fut: 5,665)
Target: NA
The stock is likely to range-trade 5,625-5,725 today. Possible breakouts are till 5,775 or 5,550. A short term trade is a strangle of long July 5,700c (78) and long July 5,600p (65). Delta calculations suggest a gain of 25-30 in option premium if either option goes into the money. The other option will simultaneously lose 10-15, for a net gain of 15-20.
AXIS BANK
Current: Rs 1,334
Target: Rs 1,370
The stock could hit Rs 1,370 if it has another good session today. Keep a stop at Rs 1,315 and go long. Add to the position between Rs 1,345-1,355 and reset the stop to Rs 1,340. Start booking profits above Rs 1,370. If the Rs 1,315 stop is broken, it will slide till Rs 1,290.
DLF
Current: Rs 233
Target: Rs 239
The stock is seeing a bounce that could take it up to test resistance at around Rs 238-240. Keep a stop at Rs 229 and go long. Add to the position between Rs 234-236 and reset the stop to Rs 233. Start booking profits at Rs 239. If Rs 229 is broken, it may fall back till Rs 223 so consider a short.
CAIRN
Current: Rs 324
Target: Rs 317
The stock has started seeing selling pressure. It could ease down till supports in the region of Rs 315-317 over the next three sessions. Keep a stop at Rs 328 and go short. Add to the position between Rs 319-322 and reset the stop loss to Rs 324. Start booking profits below Rs 317.
TATA MOTORS
Current: Rs 1,012
Target: Rs 1,045
The stock is interestingly poised. If it crosses resistance at Rs 1,025, it could climb till Rs 1050. Otherwise, it might slide back till around the Rs 990 level today. Keep a stop at Rs 1,000 and go long. Add to the position between Rs 1,025-1,030. Start booking profits above Rs 145.
The target price and projected movements given above are in terms of thenext one trading session, unless otherwise stated
