Today's picks

Nifty, Bank Nifty, IDFC, Hindalco & Hind Unilever

NIFTY
Current: 5,234 (April futures: 5,252);
Target: NA
The index looks bearish. A big session could pull it up till 5,350, or down till 5,100. Stop-loss shorts at 5,300 and stop-loss long positions at 5,175. A bearspread of long 5,100p (45) and short 5,000p (25) costs 20 and it could double in value if the index drops 50-75 points.

BANK NIFTY
Current: 10,132 (Futures: 10,156);
Target: 9,950
The financial index could go through another session, or two of weakness. It has support at 10,025 and lower down at 9,950 and 9,750. Keep a stop at 10,225 and short. Add to the position between 10,025 and 10,075. Start booking profits below 9,950.

IDFC
Current price: Rs 132;
Target price: Rs 125
The stock could test support between Rs 125 and Rs 127. If it drops below Rs 125, it could fall till Rs 118. Keep a stop at Rs 137 and short. Add to the position between Rs 129 and Rs 131. Book profits at Rs 126. Or book partial profits and hold the rest with a three-session timeframe for a target of Rs 120.

HINDALCO
Current price: Rs 126;
Target price: Rs 113
The stock saw heavy selling. It's likely to test support at Rs 120-122. If that breaks, it could fall till Rs 112-114. Keep a stop at Rs 130 and go short with a three-session timeframe. Add to the position between Rs 118 and Rs 122. Start booking profits below Rs 114.

HIND UNILEVER
Current price: Rs 405;
Target price: Rs 415.
HUL displayed its traditional defensive strength. It could test resistance between Rs 415 and Rs 420 in the next few sessions. Keep a stop at Rs 398 and go long. Add to the position between Rs 406 and Rs 410. Start booking profits above Rs 414.

 

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