NIFTY
Current: 5,200 ( April futures: 5,184);
Target: NA
There's key support at 5,175-5,200. The index could drop till 5,100 if the bearish trend continues. It could also recover till 5,300. Stop-loss long positions at 5,150 and stop-loss shorts at 5,250. A strangle of long April 5,100p (17) and long April 5,300c(8) is zero-delta and costs 25. Despite expiry pressure, it could double in value if there's a big in the next two sessions.
AXIS BANK
Current price: Rs 1,134;
Target price: Rs 1,100
Selling pressure on fair volume pushed this high-beta stock down. It could bounce till Rs 1,165. But it's more likely to travel down till Rs 1,090-1,100. Keep a stop at Rs 1,150 and short. Add to the position between Rs 1,110 and Rs 1,120. Start booking profits below Rs 1,100.
BHARTI AIRTEL
Current price: Rs 313;
Target price: Rs 300
The stock hit a new 52-week low. It could fall till around the Rs 296-300 level. Keep a stop at Rs 318 and short with a three sessions timeframe. Add to the position between Rs 306 and Rs 310. Book profits below Rs 300.
DLF
Current price: Rs 189;
Target price: Rs 182
The stock is likely to find support between Rs 180 and Rs 182. Keep a stop at Rs 194 and short. Add to the position between Rs 186 and Rs 188. Book profits below Rs 182.
RELIANCE POWER
Current price: Rs 109;
Target price: Rs 102
The stock hit a one-month low. It could travel down till it finds support at around the Rs 101-103 level. Keep a stop at Rs 113 and go short. Add to the position between Rs 106 and Rs 108. Book profits at Rs 102.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
