Today's picks

Nifty,Hindalco,Tata Steel & Axis Bank

NIFTY
Current: 4,849.50 (Oct fut: 4,868),
Target: NA
The index is range-trading between support at 4,800 and resistance at 5,000. Breakouts could go till 4,650 or 5,150 in the next two or three sessions. Long futures stop-losses can be placed at 4,800. Short stop-losses can be placed at 4,900. A strangle of long 4,700p (105) and long 5,000c (96) would gain about 30-35 if the index hit either option.

HINDALCO
Current: Rs 124
Target: Rs 116
The stock hit a new 52-week and chart projections suggest a downside till Rs 115-116 on the breakout. Keep a stop at Rs 129 and go short with a three-session timeframe. Add to the position between Rs 120 and Rs 123. Start booking profits below Rs 116.

TATA STEEL
Current: Rs 395
Target: Rs 378
The stock closed near its 52-week low of Rs 393. It could fall further till somewhere between Rs 375 and Rs 380 in the next three sessions. Keep a stop at Rs 405 and go short. Add to the position between Rs 386 and Rs 391. Start booking profits below Rs 378.

AXIS BANK
Current: Rs 989
Target: Rs 960
The stock hit a new 52-week low and made a partial recovery. It's likely to test the Rs 980 level again and probably, to break it and move down till the Rs 960 levels. Keep a stop at Rs 1,005 and go short with an initial target of Rs 980. Add to the position between Rs 970 Rs 980. Book profits below Rs 960.

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