Today`s picks
Nifty, JP Associates, State Bank of India & Maruti
NIFTY
Current: 5,620 (futures: 5,644 )
Target: NA
A small recovery may have been driven by short covering. The index could drop till 5,625-5,650 or recover till the 5,700 level. Stop short positions at 5,675 (futures price) and stop loss long positions at 5,600 (futures price). The bearspread of long 5,600p (66) and short 5,500p (30) is worth holding.
JP ASSOCIATES
Current price: Rs 87.5
Target price: Rs 90
The stock rebounded off support at Rs 84-84.5. It has a possible upside till Rs 90-91. Keep a stop at 86 and go long. Add to the position between Rs 88 and Rs 89. Book profits above Rs 90.
STATE BANK OF INDIA
Current price: Rs 2,110
Target price: Rs 2,070
There was short-covering at Rs 2,055-2,070 where there is support. The trend seems bearish. Keep a stop at Rs 2,130 and short with a target of Rs 2,055-2,070. Add to the position at Rs 2,080-2,095. Book profits below Rs 2,070.
MARUTI
Current price: Rs 1,438
Target price: Rs 1,465
The stock hit a new 52-week high on heavy volumes. Go long with a stop loss at Rs 1,420 and add to the position between Rs 1,445 and Rs 1,455. Book profits above Rs 1,465 or book partial profits and shift the stop loss upto Rs 1,440.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated