Today's picks

Nifty, Hindalco, Mahindra & Mahindra & Reliance Industries

NIFTY
Current: 4,693 (December Futures: 4,722);
Target: NA
The rally could continue for another session or two. One session expectations would be 4,800 on the upside and 4,600 on the downside, with strong secondary support at 4,550, and secondary resistance at 4,850. A long 4,600p (34) and long 4,800c (35) could gain 15-20 if either end is hit.

HINDALCO
Current price: Rs 123;
Target price: 127.5
The stock could rally till Rs 127-128 if it passes resistance at Rs 125. Keep a stop at Rs 120.5 and go long. Add to the position between Rs 125 and Rs 126. Book profits above Rs 127. If Rs 120 is broken, the stock could slide till Rs 116.

MAHINDRA &MAHINDRA
Current price: Rs 690;
Target price: Rs 721
The stock made a sharp rally and it could move until the Rs 720-725 level. Keep a stop at Rs 678 and go long. Add to the position between Rs 698 and Rs 705. Book profits above Rs 721. If Rs 678 is broken, the next support is at Rs 660.

RELIANCE INDUSTRIES
Current price: Rs 748;
Target price: Rs 725
The stock has massive resistance between Rs 755 and Rs 760. If it crosses that, it could hit Rs 790. More likely, it will halt in the Rs 755-760 zone and then get sold back down to Rs 710-720. Keep a stop at Rs 760 and short. Add to the position between Rs 733 and Rs 740. Book profits below Rs 725.

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