Today`s picks
Nifty, HDFC Bank, Reliance Industries, Maruti & TCS
NIFTY
Current: 5,686 (futures: 5,702)
Target: NA
A swing could push the index till either 5,625 or 5,750. Holding a strangle of long 5,500p (8) and long 5,900c (7) is reasonable – this will double in value on a big swing. Stop loss short futures positions at 5,725 and stop loss long futures positions at 5,645.
HDFC BANK
Current price: Rs 634
Target price: Rs 650
The stock has consolidated post-results. It has a possible upside till the Rs 650-660 level. Keep a stop at Rs 620 and go long. Add to the position between Rs 636-642. Book profits above Rs 650.
RELIANCE INDUSTRIES
Current price: Rs 823
Target price: Rs 790
The stock has resistance at Rs 840 and support at Rs 810. The consensus on results could be negative. Tentatively keep a stop loss at Rs 840 and go short. Add to position at Rs 800-810. Book profits below Rs 790.
MARUTI
Current price: Rs 1,338
Target price: Rs 1,310
The stock took a hammering and could slide to Rs 1,305-1,310 if the trend continues Keep a stop at 1,350 and go short. Add to position between Rs 1,320 and Rs 1,330. Book profits at Rs 1,310.
TCS
Current price: Rs 1,295
Target price: Rs 1,335
The stock has support at Rs 1,275-1,285 and if that breaks, it could fall till Rs 1,220. It has a potential upside till Rs 1,335-1,345 and it should trend up till Friday. Keep a stop at Rs 1,280 and go long. Add to position at Rs 1,305-1,315. Book profits above Rs 1,335.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated