NIFTY
Current: 5,065 (futures: 5,066);
Target: NA
The index tested resistance at 5,100 and support at 5,050. The maximum one-session swing on breakout could be till 4,900 or 5,200. Stop loss short positions and long positions at 5,125 and 5,000, respectively. A previously recommended strangle of long 4900p (63) and long 5200c (62) can be held. It will gain 20-25 if there is a 100-point session move.
HCL TECH
Current: Rs 418;
Target: Rs 402
The IT major jumped on decent volumes but faces massive resistance between 425-435. A correction till 400-405 is very likely. Keep a stop at 427 and short. Add to the position between 408-412. Book profits at 400.
AXIS BANK
Current: Rs 1,040; Target: Rs 1,010
The stock saw a low volume rise and ended quite weak. A reversal could push it back till 1,000-1,010 in the next two sessions. Keep a stop at 1,055 and go short. Add to the position between 1,020-1,030. Start booking profits below 1010.
BHARTI AIRTEL
Current: Rs 377;
Target: Rs 390
The stock corrected till support around 375-380. If it drops below 372, it could fall till 355. However if the support holds, it could bounce back over 390. Keep a stop at 372 and go long. Add to the position between 380-384. Book profits at 390. If 372 is broken, reverse and go short with a stop at 377 and a target of 355.
COAL INDIA
Current: Rs 324;
Target: NA
Heavy selling pushed down Coal India to support at 320-324. If it drops below 320, it could fall till 305-310. Keep a stop at 328 and go short. Add to the position between 317-320. Book profits below 309.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
