NIFTY
Current: 5,017 (Sep fut: 5,014)
Target: NA
The Nifty has a potential upside till 5,125 and a potential downside till 4,850 in the next three sessions. Long futures may be stop-lossed at 4,950, short futures may be stop-lossed at 5,050 or 5,075. A long strangle of long 5,200c (80) and long 4,900p (86) costs 166. This would gain 25-35 on a 100 point swing in either direction.
RELIANCE INDUSTRIES
Current: Rs 789
Target: Rs 765
The stock has seen a sell off from resistance between Rs 800-815. It has a likely downside till support between Rs 755-765. Keep a stop at Rs 805 and short. Add to the position between Rs 775-782. Start booking profits below Rs 765. If Rs 815 is crossed, reverse and go long with a target of Rs 845.
HERO MOTOCORP
Current: Rs 2,183
Target: Rs 2,250
The stock has broken out to a succession of 52-week highs on excellent volumes. It should have a short-term target of Rs 2,250 and may move further. Set a stop-loss at Rs 2,130 and go long. Add to the position between Rs 2,190-2,210. If you hold beyond Rs 2,250, reset the stop to Rs 2,180. Be prepared for daily high-low ranges of Rs 65-75.
AXIS BANK
Current: Rs 1,114
Target: Rs 1,180
The stock has a potential upside till the range of Rs 1,175-1,200 in a three-session timeframe. On the downside, if support at Rs 1,100 is broken, it could fall till Rs 1,050. Keep a stop at Rs 1,095 and go long. Add to the position between Rs 1,125-1,140. Start booking profits above Rs 1,180. If Rs 1,095 is broken, consider reversing with a target of Rs 1,050 and a stop-loss of Rs 1,110.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
