NIFTY
Current: 5,038 (Oct fut: 5,055),
Target: NA
The downmove found support at 5,000. On the upside, there’s resistance above 5,075. Breakouts could go till 4,950, or till 5,150. Stop-loss for long futures should be 5,000 while short futures can be stop-lossed at 5,100. A bearspread of long 5,000p (45) and short 4,900p (21) costs 24 and fetches a maximum 76.
HCL TECH
Current: Rs 402
Target: Rs 380
The stock has some support at current levels but if it drops below Rs 398, it will probably fall till Rs 380. Keep a stop at Rs 412 and short. Add to the position between Rs 392 and Rs 397. Start booking profits below Rs 382. If Rs 412 is broken the rebound could go till Rs 422-425.
DLF
Current: Rs 229
Target: Rs 216
There’s key support at Rs 225. If that is broken, the stock could drop till Rs 215-217. Keep a stop at Rs 232 and short. Add to the position between Rs 220 and Rs 224. Start booking profits below Rs 217. If Rs 232 is broken, the stock could rebound till Rs 240.
AXIS BANK
Current: Rs 1,098
Target: Rs 1,045
The stock has a likely downside till Rs 1,040-1,050. Keep a stop at Rs 1,125 and go short. Add to the position between Rs 1,065 and Rs 1,080. Start booking profits below Rs 1,045. If the Rs 1,125 stop-loss is broken, the rebound could be till the Rs 1,160 levels.
HINDALCO
Current: Rs 125
Target: Rs 119.5
There is critical support at Rs 124. If that is broken, Hindalco will test its 52-week low of Rs 119 and possibly break it. Keep a stop at Rs 128 and short. Add to the position between Rs 122 and Rs 124. Start booking profits below Rs 119.5.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
