Today's picks

Nifty, Hindalco, Reliance Industries, IDFC & State Bank of India

NIFTY
Current: 5,363 (futures: 5,381)
Target: NA
The index range traded 5,350-5,390. A swing session today could go till 5,300 or 5,450. Stop-loss long positions at 5,325 and stop-loss shorts at 5,425. A bullspread of long 5,400c (46) and short 5,500c (14) could gain 15-20 if the market moves above 5,425.

HINDALCO
Current price: Rs 117
Target price: Rs 111
There is support at Rs 115-116. If the stock falls below Rs 115, it could drop till Rs 110-111. Keep a stop at Rs 119 and short. Add to the position between Rs 113 and Rs 115. Book profits at Rs 111.

RELIANCE INDUSTRIES
Current price: Rs 816
Target price: Rs 800
The stock has gained sharply on high volume. It could correct down to Rs 795-805. Keep a stop at Rs 825 and go short. Add to the position between Rs 805 and Rs 815. Book profits at Rs 800. Breakouts beyond Rs 825 could move till Rs 840.

IDFC
Current price: Rs 142
Target price: Rs 147
The stock jumped on high volumes. If it crosses resistance at Rs 143-144, it could run till Rs 147-148. Keep a stop at Rs 140 and go long. Add to the position between Rs 143 and Rs 144. Book profits above Rs 147.

STATE BANK OF INDIA
Current price: Rs 1,894
Target price: Rs 1,860
The stock could slide till it hits support at Rs 1,850-1,865. Keep a stop at Rs 1,910 and go short. Add to the position between Rs 1,880 and Rs 1,890. Book profits below Rs 1,860.

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