Axis Bank
Current Price: Rs 1,254
Target Price: Rs 1,235 The stock is reacting from recent highs in the Rs 1,280-zone. It has reliable support only between Rs 1,230 and Rs 1,240 and the reaction is likely to end there. The low-volume pattern makes it likely the reaction will continue on Friday. Keep a stop at Rs 1,265 and go short. Increase the short below Rs 1,245. Start booking profits below Rs 1,235.
RPower
Current Price: Rs 157.9
Target Price: Rs 164 The stock seems to have bottomed out with good support at Rs 155. It has a minimum upside target of about Rs 162 and it could go further, given the volume expansion of the past few sessions. Keep a stop at Rs 155 and go long. Book 50 per cent profits above Rs 161 and clear the position above Rs 164.
Sterlite
Current Price: Rs 813.5 Target Price: Rs 790 The stock has gone into a decline on heavy selling. The intermediate trend appears to have been down with lower highs and lower lows since the peak in early April at Rs 890 levels. It should test support at around the level of the last low of Rs 785. Keep a stop at Rs 820 and go short. Start covering the position below Rs 795.
(Compiled by Devangshu Datta. The target price and projected movements given above are in terms of the next one trading session unless otherwise stated)
