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Today's picks

Nifty, Bank Nifty, Hindalco & Reliance Communications

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NIFTY
Current: 4,850 (January futures: 4,871);
Target: NA
The index made a breakout that could push it past the 4,900-mark. One-session expectations would be 4,975, and 4,725. A bullspread of long 4,900c (75) and short 5,000c (38) costs 37 and it would gain by around 15-20 if 4,900 is crossed. The previously recommended strangle of long 4,900c (75) and long 4,600p (19) has gained. Cash out if the crosses 4,975.

BANK NIFTY
Current: 8,735 (January futures: 8,773);
Target: 8,925
A big up move could have enough momentum to reach the 8,900-8,950 mark. Keep a stop at 8,600 and go long. Add to the position between 8,775 and 8,825. Book profits above the 8,900-mark. If the 8,600 stop-loss is broken, there may be a reversion till 8,450.

HINDALCO
Current price: Rs 123;
Target price: Rs 128
The stock broken a key resistance at Rs 122. It could have a run up till the Rs 128 level. Keep a stop at Rs 121 and go long. Add to the position between Rs 124 and Rs 126. Start booking profits above Rs 128. If Rs 121 is broken, the stock could fall back till the Rs 118 mark.

RELIANCE COMMUNICATIONS
Current price: Rs 81;
Target price: Rs 85
The stock saw a lot of buying and it could have enough momentum to test resistance at Rs 85-86. Keep a stop at Rs 78.5 and go long. Add to the position between Rs 83 and Rs 84. Start booking profits above Rs 85. On the downside, if Rs 78 is broken, the stock could revert to the Rs 72-73 level.


The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated

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