What are your trading tips in the market for 28 October?

Among the existing positions open in the markets at this point of time, traders can look to exit IGL around the Rs.415 levels and Borosil Renewable stock around the Rs.100 levels. You can wait for a day or two to also exit as the stocks are likely to remain strong.

Traders can buy Axis bank at around Rs.507 for short term targets of Rs.540. Ideally you should be buying this stock ahead of the quarterly results announcement scheduled on 28 October. The numbers are expected to be better than the street consensus so positive.

Regarding our existing calls that are open, I reiterate the call on Reliance Industries at around Rs.2030 for upside targets of Rs.2300. The Amazon case is likely to fizzle out soon and have limited impact on the Rs.27,000 crore proposed deal.

The Nifty is delicately poised to cross above the 12,000 mark although it could be a slightly tough journey from here on. On Wednesday, there could be some pressure in early trades on account of weak Asia but the trend continues to be to buy on dips in the market.