Today's picks

Nifty, Axis Bank, Bajaj Auto, HCL Tech & Tata Power

NIFTY
Current: 5,300 (fut: 5,315);
Target: NA
The index fell on late selling and this could continue. A big session could take it down to 5,200 & a bounce may push it to 5,400. Stop loss short at 5,350 and stop loss long at 5,250. A bearspread of long 5,300p (40) and short 5,200p (18) is cheap at net cost of 22. It could double if the index drops to 5,250.

AXIS BANK
Current: Rs 1,197;
Target: Rs 1,165
The Axis Bank stock is high-beta with respect to the Bank Nifty. Correction here could mean a sharp fall. Keep a stop at Rs 1,215 and short. Add to the position between Rs 1,175-1,190. Book profits below Rs 1,165. On the upside, a rise beyond Rs 1,225 could mean a bounce till Rs 1,260.

BAJAJ AUTO
Current: Rs 1716;
Target: Rs 1,760
The Bajaj Auto stock has the potential to rise till around the Rs 1,755-1,770 levels if the current trend is maintained. Keep a stop at the level of Rs 1,690 and go long. Add to the position between Rs 1,735-1,745. Book profits above the level of Rs 1,760.

HCL Tech
Current: Rs 494;
Target: Rs 510
The stock has heavy resistance between Rs 500-510. If it crosses that, it could run up till Rs 520. On the downside, a fall below Rs 489 could mean a drop till Rs 480. Keep a stop at Rs 490 and go long., Add to the position between Rs 500-505. Book partial profits at Rs 510 and hold the rest for a target of Rs 515.

TATA POWER
Current: Rs 107;
Target: Rs 112
The stock could test resistance between Rs 112-114 if it sustains its uptrend. Keep a stop at 104 and go long. Add to the position between Rs 108-Rs 110. Book profits above Rs 112. If it falls below Rs 104, it could drop till Rs 101.

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