NIFTY
Current: 4,967 (Jan Futures: 4,973);
Target: NA
After a surge, the Nifty may range-trade 4,900-5,000. One session breakouts would go till 4,875, or 5,050. Stop-loss short futures at 5,025, and long futures at 4,925. Book profits in previous recommendations of A) long 4,900c (105) and long 4,600p (4) and B) bullspread of long 4,900c and short 5,000c (47) if 5,000 is hit. A strangle of long 5,100c (15) and long 4,800p (15) would double on another big move.
AXIS BANK
Current price: Rs 961;
Target price: Rs 980
This is a high-beta member of the Bank Nifty and it could test resistance between Rs 980 and Rs 985 in the next two sessions. Keep a stop at Rs 945 and go long. Add to the position between Rs 965 and Rs 975. Start booking profits above Rs 980.
HCL TECH
Current price: Rs 425;
Target price: Rs 438
The stock could have an upside till Rs 435-440. It could also slide on profit-booking till the Rs 415 levels. Keep a stop at Rs 418 and go long. Add to the position between Rs 432 and Rs 435. Start booking profits above Rs 438.
TATA STEEL
Current price: Rs 443;
Target price: Rs 430
The stock saw a big burst of buying. It has major resistance at Rs 450-455 and it could react on profit-booking to the Rs 430 level. Keep a stop at Rs 451 and go short. Add to the position between Rs 433 and Rs 437. Start booking profits at Rs 430. If it crosses Rs 455, an upside till Rs 470 is possible.
GAIL
Current price: Rs 370;
Target price: Rs 360
This stock was one of the few losers yesterday, hitting a new 52-week low. It could fall further, till around the Rs 360 mark in the next two or three sessions. Keep a stop at Rs 376 and go short. Add to the position between Rs 365 and Rs 367. Book profits at Rs 360.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
