NIFTY
Current: 4,949 (Aug fut: 4,945, Sept fut: 4,951)
Target: NA
Today could be a swing session since there’s settlement and carry-over considerations. The index has scope for a recovery till 5,100-5,125 or for a drop till 4,800. A zero-delta position of long August 5,100c (4) and long August 4,800p (6) is cheap. It could double or triple on a 100-150 point swing. The prior recommendation of a put butterfly of long 4,900p (26), two short 4,800p (2x6) and long 4,700p (6) is also worth holding though it’s at a small profit.
AXIS BANK
Current: Rs 1,082
Target: Rs 1,110
The stock is likely to test resistance between Rs 1,100-1,110 today and if that is broken, it could rise till Rs 1,135. On the downside, it could swing till Rs 1,040 if the support between Rs 1,070-1,080 is broken. Keep a stop at Rs 1,070 and go long. Add to the position between Rs 1,090-1,095. Book profits between Rs 1,105-1,110.
TCS
Current: Rs 983
Target: Rs 940
The stock has massive resistance between Rs 985-1,000. It has a potential downside till support at Rs 930-940. Keep a stop at Rs 1,000 and short. Add to the position between Rs 965-975. Start booking profits below Rs 940. If Rs 1,000 is broken, reverse and go long with a target of Rs 1,020 and a stop-loss at Rs 990.
RELIANCE INDUSTRIES
Current: Rs 766
Target: Rs 795
The stock may be on the verge of a breakout. If it holds above Rs 775, it could test resistance at Rs 795-800. However if it falls below Rs 755, it has a potential downside till Rs 735. Keep a stop at Rs 755 and go long. Add to the position between Rs 772-780. Book profits above Rs 795.
ONGC
Current: Rs 278.50
Target: Rs 270
The stock is range-trading Rs 265-290 with considerable intra-day volatility. It should continue to slide towards the support at Rs 265-270 today, probably halting at the top of that support range. Keep a stop at Rs 282 and short. Add to the position between Rs 272-276. Start booking profits below Rs 270.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
