Today's picks

Nifty, DLF, HDFC, Bank Nifty & Tata Motors

NIFTY
Current: 4,812 (Nov fut: 4,803)
Target: NA

The expected one-session swing could be till 4,750 (long futures stop-loss), or 4,850 (short futures stop). If those limits are exceeded, the next support and resistance would be 4,690 and 4,910 respectively. A long straddle at long 4,800c (45) and long 4,800p (43) could gain 20-25 net if the market moves 100 points.

DLF
Current price: Rs 201
Target price: Rs 193

The stock has made a modest recovery on short covering. It could fall again to test support between Rs 191 and Rs 194. Keep a stop at Rs 205 and go short. Add to the position between Rs 197 and Rs 199. Cover below Rs 194.

HDFC
Current price: Rs 638
Target price: Rs 675

The stock has serious resistance between Rs 645 and Rs 650. If that is broken it could travel till Rs 675. Keep a stop at Rs 625 and go long. Add to the position between Rs 650 and Rs 655. Cover above Rs 675. You may need to rollover if the target is not hit before settlement.

BANK NIFTY
Current: 8,612 (Nov fut: 8,606)
Target: 8,350

The financial index could head lower. It has a chart projection of 8,300-8,350 in the next five sessions. Keep a stop at 8,800 and go short. Add to the position between 8,450 and 8,550. Book profits below 8,350. If 8,800 is broken, there is a chance of a rebound till 9,000.

TATA MOTORS
Current price: Rs 172
Target price: Rs 165

The sharp jump looks like a pullback driven by short-covering. If so, it will revert to Rs 165 Rs 166. Set a stop-loss at Rs 176 and short. Add to the position between Rs 169 and Rs 171. Start covering below Rs 166. If it cross Rs 176, the next resistance is Rs 180.