Today's picks

Nifty, Bank Nifty, Ranbaxy, Hindalco & L&T

NIFTY
Current: 4,937 (dec fut: 4,957)
Target: NA
The index has resistance at 5,000, 5,050 and support at 4,900, 4,850. One-session swings could be 5,100, or 4,800. Stop-loss short positions at 5,025 and long positions at 4,875. Book profits on the previously recommended strangle of long 4,900c, long 4,700p. A new strangle of long 4,800p (68) and long 5,100c (59) will gain 20-25 if there's a 100-point swing.

BANK NIFTY
Current: 8,895 (Dec fut: 8,910)
Target: NA
The financial index hit resistance at 9,025 but still closed with handsome gains. There's support at 8,825. Breakouts from 8,825-9,025 could go till either 9,150, or 8,650. A short can be taken with a stop-loss at 9,000, while a long position should be stop-lossed at 8,800. Despite the big move yesterday, the long-term trend is bearish.

RANBAXY
Current price: Rs 443,
Target price: Rs 472
The pharma major could test resistance at Rs 470-475 today. Keep a stop at Rs 435 and go long. Add to the position between Rs 451 and Rs 455. Start booking profits around Rs 472. If Rs 435 is broken, a fall till Rs 420 is possible.

HINDALCO
Current price: Rs 131,
Target price: Rs 125
The stock could swing anywhere between Rs 124 and Rs 134 today. Keep a stop at Rs 134 and go short. Add to the position between Rs 127 and Rs 129. Book profits below Rs 125.

If Rs 134 is broken, a rise till Rs 137 is possible.

L&T
Current price: Rs 1,295 ,
Target price: Rs 1,335
The rebound could be sustained till the Rs 1,335 level. Keep a stop at Rs 1,280 and go long. Add to the position between Rs 1,305 and Rs 1,315. Book profits at Rs 1,335. On the downside, if there's a drop below Rs 1,280, the next support is at Rs 1,255.

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