Today's picks
Nifty, Axis Bank, HDFC, Tata Motors & Hindalco
NIFTY
Current: 5,348 (futures: 5,370)
Target: NA
The index could swing between 5,275 and 5,425. Stop-loss long positions at 5,300 and stop-loss shorts at 5,400. A bullspread of long 5,400c (46) and short 5,500c (16) could gain 15 or so if 5,400 is struck.
AXIS BANK
Current price: Rs 1,081
Target price: Rs 1,110
The stock could have an upside till Rs 1,110-1,120. Keep a stop at Rs 1,065 and go long. Add to the position between Rs 1,090 and Rs 1,100. Book profits above Rs 1,110.
HDFC
Current price: Rs 716
Target price: Rs 740
The stock could move till Rs 740-750 if it closes above resistance at Rs 725. Keep a stop at Rs 705 and go long. Add to the position between Rs 725 and Rs 730. Book profits above Rs 740.
TATA MOTORS
Current price: Rs 228
Target price: Rs 221
The stock could have a downside till Rs 218-221. Keep a stop at Rs 232 and go short. Add to the position between Rs 224 and Rs 227. Book profits below Rs 221.
HINDALCO
Current price: Rs 121;
Target : Rs 129
A breakout above Rs 125 could push the stock till Rs 129-131. Keep a stop at Rs 119 and go long. Add to the position between Rs 125 and Rs 127. Book profits above Rs 129.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated