Axis Bank, TCS & Reliance Industries
Axis Bank
Current Price: Rs 1,278,
Target Price: Rs 1,245
The rise yesterday appeared to be driven by short-covering and profit booking. The stock is likely to revert back to support between Rs 1,235 and Rs 1,250. Keep a stop at Rs 1,285 and go short. Add to the position between Rs 1,265 and Rs 1,270 and reset the stop to Rs 1,280. Start booking profits below Rs 1,250
TCS
Current Price: Rs 1,203,
Target Price: Rs 1,240
The stock has made a breakout past resistance at Rs 1,170, on a sharp volume expansion. Technically, the pattern suggests a rise till the Rs 1,240 level is possible but it's a highly volatile stock at the moment. Keep a stop at Rs 1,185 and go long. Add to the position between Rs 1,210 and Rs 1,215 and reset the stop to Rs 1,205. Start booking profits beyond Rs 1,237.
Reliance Industries
Current Price: Rs 995,
Target Price: 960
The stock has seen selling pressure over the past four sessions. It could slide till support at Rs 975-980 or if it falls below Rs 975, it could drop till Rs 960. Keep a stop at Rs 1,010 and go short. Add to the position between Rs 985 and Rs 990. At Rs 980, book partial profits, reset the stop to Rs 985 and hold with a new target of Rs 960. If Rs 1,010 is broken, the stock could revert till the Rs 1,030 level.
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