Axis Bank
Current Price: Rs 1,314,
Target Price: Rs 1,345
The stock seems to have made an upside breakout on high volumes. Despite late-selling, it stayed above Rs 1,305, where there is support. The target could be somewhere between Rs 1,340 and Rs 1,360. Keep a stop at Rs 1,305 and go long. Increase the position between Rs 1,325 and Rs 1,330. Start booking profits above Rs 1,345. If Axis drops below the Rs 1,300 mark, however, it could slide till Rs 1,275-1,280.
Bharti Airtel
Current Price: Rs 301,
Target Price: Rs 291
The stock is reacting on a fairly high volume after a spurt that lifted it from Rs 260 to Rs 310 in very few sessions. It has support between Rs 290 and Rs 295 and Fibonacci calculations also suggest it should land in that zone. Tentatively set an initial target of Rs 295 and go short with a stop-loss at Rs 305. At Rs 295, book partial profits and reset the stop-loss to Rs 298. Clear the position below Rs 292.
Unitech
Current Price: Rs 83,
Target Price: Rs 79
The stock has reacted from heavy selling at resistance above Rs 85. On the downside, it has reliability at Rs 79-80 and it’s likely to react at least that much, and it may, over the next two-three sessions, drop lower till Rs 75. Keep a stop at Rs 85 and go short. If you are making a day-trade, clear the position below Rs 80. If you are holding overnight in futures, reset the stop to Rs 82 and look for a target of Rs 75.
The target price and projected movements given above are in terms of the next one trading session unless otherwise stated
