Today's picks

NIFTY
Current: 4,889 (Aug: 4,884, Sept: 4,892),
Target: NA
The index looks bearish. It could slide till 4,800 or rise till 4,975 on settlement. Short futures may have a stop loss at 4,950. A naked long August 4,800p (8.5) will work well if the session starts weak. The previous recommendation of a put butterfly with long 4,900p (48) two short 4,800p (2x8.5) and long 4,700p (2) can be cashed out at a big profit.

SBI
Current: Rs 1,990
Target: Rs 1,925
A new low for State Bank of India backed by high volume selling. The chart projection suggests the downtrend could continue till Rs 1,920-1,925. Keep a stop at Rs 2,015 and go short. Add to the position between Rs 1,960-1,980 and reset the stop to Rs 1,990.

Book profits below Rs 1,925. Rollover to September futures if the target is not hit.

TATA MOTORS
Current: Rs 701
Target: Rs 665
A new low again for the auto major and our third short recommendation in the past 10 sessions. The target this time would be Rs 660-665 in the next three sessions. Stop-loss at Rs 715.

Add to the position between Rs 685-695. Book profits below Rs 665. Rollover to September if target is not hit.

L&T
Current: Rs 1,558
Target: Rs 1,525
The stock has made a downside breakout and small recovery. It should move down again with a short-term target of Rs 1,520-1,530 and a 5-session target of Rs 1,450-1,460. Keep a stop at Rs 1,575 and short. Add to the position between Rs 1,540-1,550. Start booking profits at Rs 1,525 or rollover with a 5-sesion target of Rs 1,460.

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