NIFTY
Current: 4,637 (Futures: 4,650);
Target: NA
Practically no change in the index and no clear short-term trend. One-session swings on a breakout could go till 4,800 or 4,500. Stop loss long futures at 4,575 and short futures at 4.725. A long strangle with long 4,800c (56) and long 4,500p (70) would gain around 15-25, if either end is struck.
AXIS BANK
Current: Rs 795;
Target: Rs 760
The stock is on a downtrend which seems to be accelerating. It could have a target of 760 within the next three sessions. Keep a stop at 815 and go short. Add to the position between 775-785. Book profits at 760.
HINDALCO
Current: Rs 112;
Target: Rs 103
A new 52-week low should mean a downtrend over the next three-four sessions. It's difficult to set targets. Keep a stop at 118 and short with a three-session timeframe. Add to the position between 109-111 and reset the stop to 115. Book profits or partial profits at 103.
BAJAJ AUTO
Current: Rs 1,475;
Target: Rs 1,400
The stock has made a downside breakout on high volumes. It's tough to set short-term targets. But, the trend is downwards. Keep a stop at 1,510 and short with a 4-session perspective. Increase the position between 1,425-1,440 and reset the stop loss to 1465. Book profits or partial profits at 1,400.
RELIANCE INDUSTRIES
Current: Rs 707;
Target: Rs 690
RIL saw a lot of buying and short-covering at its new 52-week low of 687. However, it has a bearish trend and support at 685-690 is likely to be tested again. Keep a stop at 620 and short. Add to the position between 695-705. Book profits below 690.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
