NIFTY
Current: 5,227 (April futures: 5,267);
Target: NA
The index had a tight daily range and bearish undertones. A big session could take it till either 5,125, or 5,325. Stop-loss shorts at 5,300 and stop-loss long positions at 5,175. A bearspread of long 5,100p (38) and short 5,000p (21) costs 17. It's worth holding since it could double in value on a big downmove.
AXIS BANK
Current price: Rs 1,157;
Target price: Rs 1,200
There's a chance of the stock testing resistance at Rs 1,190-1,210 before the credit policy. Keep a stop at Rs 1,140 and go long. Add to the position between Rs 1,165 and Rs 1,180. Book profits at Rs 1,200. If Rs 1,140 is broken, a drop till Rs 1,090 is possible.
SAIL
Current price: Rs 92;
Target price: Rs 87
Sail is part of a large group of metal stocks that are exhibiting a bearish trend. It could fall till Rs 86-87 if the support at Rs 91-92 is broken. Keep a stop at Rs 94 and short. Add to the position between Rs 89 and Rs 91. Book profits below Rs 87.
RELIANCE CAPITAL
Current price: Rs 360;
Target price: Rs 335
The stock has just dropped to a new four-week low. The downside target could be in the Rs 330-335 zone. Keep a stop at Rs 370 and go short. Add to the position between Rs 348 and Rs 354. Book profits below Rs 335. Be prepared for high volatility.
AIRTEL
Current price: Rs 322;
Target price: Rs 305
The stock is testing support near its 52-week low. If it falls below Rs 318, it could drop till Rs 300-305. Keep a stop at Rs 330 and short with a three-session timeframe. Add to the position between Rs 315 and Rs 318. Book profits at Rs 305.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
