Axis Bank
Current price: Rs 1,262
Target price: Rs 1,230
The stock made a smart recovery from support at the Rs 1,230 level. But it's likely to test that zone again in the next couple of sessions and it may fall lower till around the Rs 1,215-1,220 level. Keep a stop at Rs 1,275 and go short. Cover below Rs 1,230. If the Rs 1,275-stop is broken, the stock could rise till around the Rs 1,290 mark.
Tata Steel
Current price: Rs 535
Target price: Rs 555
The stock slid from a high of Rs 630 in early May till a low of Rs 523 on Monday. Volumes have risen on the downtrend and so have delivery ratios, indicating institutional selling. While the intermediate pattern remains bearish, the chance of a bounce till somewhere between Rs 550 and Rs 560 is good. Keep a stop at Rs 525 and go long. Cover above Rs 550.
(The target price and projected movements given above are in terms of the next one trading session unless otherwise stated)
