Today's picks

Nifty, Hindalco, Tata Steel, Reliance Infrastructure & Bank of Baroda

NIFTY
Current: 5,955 (futures: 6,010)
Target: NA
The index is near its 52-week high of 5,965, with futures at 55 points premium. A big session could go till 6,010 (futures 6,065) or 5,900 (futures 5,950). Stop-loss shorts at 5,980 (futures 6,035) and stop-loss long positions at 5,900 (futures 5,950). A long 6,100c (49) and short 6,200c (22) costs 27 and it could gain 15-20 if 6,000 is struck.

HINDALCO
Current price: ~134
Target price: ~138
The uptrend could test the next resistance at ~138-140 and may be push past till ~142-144. Keep a stop at ~131 and go long. Add to the position between ~135 and ~137. Book profits, or partial profits above ~138.

TATA STEEL
Current price: ~438
Target price: ~450
The stock hit a three-month high on excellent volumes. It could run till the ~452-455 level. Keep a stop at ~432 and go long. Add to the position between ~441 and ~445. Book profits above ~450.

RELIANCE INFRASTRUCTURE
Current price: ~544
Target price: ~565
Strong resistance between ~545 and ~550. A breakout past ~550 could mean a move till ~565-570. Keep a stop at ~535 and go long.

Add to the position between ~550 and ~555. Book profits above ~565.

BANK OF BARODA
Current price: ~884
Target price: ~900
The bank broke out to a new high but without volume support. If the breakout is valid, the next target could be ~900-910. Keep a stop at ~875 and go long. Add to the position between ~886 and ~895. Book profits above ~900.

 

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