Today's picks

NIFTY, ONGC, TATA POWER, HDFC BANK & SAIL

NIFTY
Current: 5,385 (March futures: 5,435);
Target: NA
The market could range trade between 5,350 and 5,450 again tomorrow. Breakouts may go till 5,250, or 5,550. Though premiums are high, a long strangle with long 5,600c (81) and long 5,200p (74) might gain on a big swing. The position is almost zero-delta and hence, low-risk.

ONGC
Current price: Rs 293;
Target price: Rs 307
Crucial session tomorrow with the FPO auction coming up and that means high volatility. The stock could push till Rs 305-310 on the upside. If it falls below the floor price of Rs 290, it could drop till Rs 277-280. Keep a stop at Rs 290 and go long. Book partial profits between Rs 305 and Rs 310.

TATA POWER
Current price: Rs 115;
Target price: Rs 120 
The stock will probably test resistance at Rs 120-121. Keep a stop at Rs 113 and go long. Add to the position between Rs 117 and Rs 118. Start booking profits above Rs 120.

HDFC BANK
Current price: Rs 517;
Target price: Rs 495 
A fall till Rs 490-495 is possible if support at Rs 510-515 breaks. Keep a stop at Rs 525 and go short. Add to the position between Rs 505 and Rs 510. Start booking profits at Rs 495.

SAIL
Current price: Rs 103;
Target price: Rs 107 
The stock could have an upside till around Rs 106-107, or maybe Rs 110-111. Keep a stop at Rs 101 and go long. Add to the position between Rs 104 and Rs 105. Book partial profits or clear the entire position at Rs 107

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