Current: 5,916 (futures: 5,916);
Assume the Nifty futures will develop a premium of 15-20. The uptrend continues. Stop-loss long positions near support at 5,870 and stop-loss shorts at resistance near 5,950. Breakouts could go till 5,975 or 5,825. A bullspread of long 6,000c (57) and short 6,100c (28) could gain 15-20 if the index rises 50 points.
AXIS BANK Current price:
Rs 1,503; Target price:
A 52-week high of Rs 1,520 but a sell-off pulled the stock back. Huge volumes. Keep a stop at Rs 1,485 and go long. Add to the position between Rs 1,515 and Rs 1,525. Book profits or partial profits above Rs 1,540. SUN PHARMA Current price:
Rs 980; Target price:
The stock jumped to a 52-week high of Rs 985-986 on high volumes. A pullback till Rs 960-970 is possible but the near-term target should be Rs 1,000-plus. Keep a stop at Rs 970 and go long. Add between Rs 985 and Rs 995. Book profits above Rs 1,000. ITC Current price:
Rs 320; Target price:
A new 52-week high at Rs 323-324. The stock remains in a good uptrend - the next target would be Rs 327-328. Stop loss at Rs 315 and go long. Add to the position between Rs 323 and Rs 325. Book profits above Rs 327. HIND UNILEVER Current price:
Rs 479; Target price:
The stock could slide till Rs 462-466 if a downtrend is established. Keep a stop at Rs 484 and short. Add to the position between Rs 470 and Rs 474. Book profits below Rs 466.