NIFTY
Current: 4,974 (oct fut: 4,980)
Target: NA
The index remains range-bound between 4,900 and 5,050. Short futures can be stop-lossed at 5,025 and long futures stop-loss could be set at 4,925. A long strangle of 4,800p (54) and long 5,100c (54) costs 108 would gain between 15 and 25 if the index swings by 100 points.
AXIS BANK
Current: Rs 1,053
Target: Rs 1,015
The stock has hit strong resistance and reversed direction. Keep a stop at Rs 1,085 and go short. Add to the position between Rs 1,030 and Rs 1,040. Start booking profits below Rs 1,020. If you can hold for five sessions, book partial profits at Rs 1,015-1,020 and look for a target of Rs 990.
INFOSYS
Current: Rs 2,505
Target: Rs 2,380
The stock has reacted twice recently off heavy resistance at Rs 2,600. It has support at Rs 2,490. The results should cause a breakout, from the Rs 2,490-2,600 range till either Rs 2,700 or Rs 2,375. Keep a stop at Rs 2,540 and go short. Add to the position between Rs 2,465 and Rs 2,490. Book profits below Rs 2,380. If Rs 2,540, go double-plus with a stop at Rs 2,520 and an initial target of Rs 2,600.
STERLITE
Current: Rs 116
Target: Rs 105
The stocks reacting from resistance between Rs 118 and Rs 120. It could fall till the Rs 103-105 support level in the next three sessions. Keep a stop at Rs 120 and go short. Add to the position between Rs 111 and Rs 113. Start booking profits below Rs 106.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
