Today's picks

Nifty, BankNifty,RIL & HDIL

NIFTY
Current: 5,541 (July future: 5,547); 
Target: NA
The index is still holding to the range of 5,550-5,650 and breakouts till 5,450 or 5,750 remain possible. The short-term trend is bearish. A previously recommended butterfly of long 5,600p (80), two short 5,500p (2x32) and long 5,400p (11) now costs 27. Book profits if the market hits 5,500. A strangle of long 5,500p (32) and long 5,600c (27) could gain 15-25 in net value if either option is struck.

BANKNIFTY
Current: 11,050 (July fut: 11,077); 
Target: 10,800
The financial index will be bearish till the credit policy on Tuesday. It may collapse below 10,500 if the policy is bearish Keep a stop at 11,200 and short with a 3-session target of 10,800. Add to the position between 10,950-11,000. Book profits below 10,800. Renew the short with a target of 10,450 if the Bank Nifty falls below 10,700 after the credit policy.

RELIANCE (RIL)
Current: Rs 861
Target: Rs 835

Selling pressure could push the stock down to test support near Rs 830, very close to the 52-week low. Keep a stop at Rs 875 and go short. Add to the position between Rs 850-855 and reset the stop-loss to Rs 860. Start booking profits below Rs 835.

HDIL
Current: Rs 154
Target: Rs 148
The stock is coming under selling pressure and it should test support at Rs 150 if the price drops below Rs 153. If Rs 150 breaks, it could fall till Rs 147. Keep a stop at Rs 157 and go short. Either book partial profits at 150 and hold the rest for a target of Rs 147-148. Or else, book profits at Rs 150.

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