Today`s picks

Nifty, ONGC, HCL Tech, Ambuja Cement & IDFC

NIFTY
Current: 5,929 (fut: 5,942);
Target: NA
The futures is trading at 20-30 points premium to the underlying index. The trend seems mildly bullish. The index may swing to 5,875 or 5985 implying a possible new high. A long 6000c (23) and short 6100c (6) could gain 10-15 if the index crosses 5,950.

ONGC
Current: Rs 265;
Target: Rs 271
The stock has jumped on high volumes. It should test resistance between Rs 271-274 and may go further. Keep a stop at Rs 261 and go long. Add to the position between Rs 266-268. Book profits above Rs 271.

HCL TECH
Current: Rs 641;
Target: Rs 655
The stock could test resistance between Rs 655-660. Keep a stop at Rs 633 and go long. Add to the position between Rs 644-650. Book profits above Rs 655.

AMBUJA CEMENT
Current: Rs 211;
Target: Rs 215
The stock could move till Rs 215-217. Keep a stop at Rs 208 and go long. Add to the position between Rs 213-214. Book profits above Rs 215.

IDFC
Current: Rs 177;
Target: Rs 183
The stock could move to a new high of Rs 183 if it crosses resistance between Rs 178-180. Keep a stop at Rs 175 and go long. Add to the position between Rs 179-180. Book profits above Rs 183.

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