Nifty, Axis Bank, ONGC, PowerGrid Hind Unilever
NIFTY
Current: 5,701 (May future: 5,719),
Target: NA
If the Nifty drops below 5,650, it could fall till 5,450. Recoveries above resistance at 5,750 may move till 5,900. A bearish view is a short Nifty future, with a stop-loss at 5,750. Couple to a bullspread of long 5,800c (74) and short 5,900 (41). This combination short future-plus-bullspread has maximum loss (63) at 5,750, breakevens at 5,687; 5,863, unlimited downside gains and a maximum upside of 37 at 5,900.
AXIS BANK
Current Price: Rs 1,276.5,
Target Price: Rs 1,230
Axis Bank serves as an useful proxy for financials. If support at Rs 1,260 breaks, Axis could drop till Rs 1,225 over the next three sessions. If Rs 1,260 holds, it could bounce back till Rs 1,335, in the same time. Keep a stop at Rs 1,290 and short. Increase the position between Rs 1,250 and Rs 1,260 and reset the stop to Rs 1,270. Book profits below Rs 1,230. If the Rs 1,290 is broken, consider a long position with a stop at Rs 1,285 and an initial target of Rs 1,315.
ONGC
Current Price: Rs 303,
Target Price: Rs 288
A drop till Rs 285-288 in three sessions is possible. Keep a stop at Rs 308 and go short. Increase the position between Rs 287 and Rs 301 and reset the stop to Rs 303. Start booking profits below Rs 288. If the stock breaks the stop at Rs 308, it could bounce back till Rs 317 so reversing and going long is possible.
POWERGRID
Current Price: Rs 106,
Target Price: Rs 112
The stock may be on the verge of an upside breakout. If it crosses Rs 107, it could climb till Rs 112. Keep a stop at Rs 103.5 and go long. Add to the position between Rs 107 and Rs 109 and reset the stop to Rs 106.5. Start booking profits above Rs 111. On the downside, if Rs 103 is broken, the stock could drop till Rs 101.
HIND UNILEVER
Current Price: Rs 281,
Target Price: Rs 275
Hindustan Unilever has support between Rs 275 and Rs 280. If Rs 275 breaks, it will drop to Rs 265-270. If Rs 275 holds, it could bounce till Rs 290. Short with a stop at Rs 284, and a target of Rs 275. Book profits at Rs 275. Renew the short with a stop at Rs 278 and a target of Rs 270 if HUL drops below Rs 274. If it breaks Rs 284, go long with a target of Rs 290 and a stop-loss at Rs 281.
The target price and projected movements given above are in terms of the next one trading session
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