Today`s picks
Nifty, Tata Steel, ITC & PNB
NIFTY
Current: 5,109 (futures: 5,116)
Target: NA
A big settlement session could push the market till either 5,000 or 5,200. Stop-loss shorts at 5,150 and stop-loss long positions at 5,050. A straddle of long 5,100c (26) and long 5,100p (13) breaks even if the market moves till 5,070, 5,140 and gains on a big swing.
TATA STEEL
Current price: Rs 387
Target price: Rs 376
The stock could recover till Rs 393-394 on short covering but it's more likely to slide to Rs 373-376. Keep a stop at Rs 393 and go short. Add to the position between Rs 381 and Rs 384. Book profits below Rs 376.
ITC
Current price: Rs 254
Target price: Rs 260
The stock could test its 52-week high of Rs 260 today. Keep a stop at Rs 251 and go long. Add to the position between Rs 255 and Rs 257. Book profits between Rs 259 and Rs 260.
PNB
Current price: Rs 792
Target price: Rs 775
The stock could test support at around Rs 782-876 and if that breaks, it will fall till Rs 770-775. Keep a stop at Rs 802 and go short. Add to the position between Rs 780 and Rs 785. Book profits below Rs 775.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated