Today's picks

Nifty, Hindalco, Hind Unilever, Axis Bank & M&M

NIFTY
Current: 5,898 (fut: 5,914);
Target: NA
Expiry effect is pulling the futures premium down to 15-20. The index could move till either 5,850 or 5,965 with a slight upside bias. An on-the-money straddle of long 5,900p (36) and long 5,900c (50) has breakevens are at 5,814 and 5,986. This is is zero-delta so losses on one option may be offset by larger gains in the other.

HINDALCO
Current: Rs 132.7;
Target: Rs 137
The stock continued to advance on good volumes. Next target could be Rs 137-138. Keep a stop at 131 and go long. Add to the position between Rs 134-136. Book profits above Rs 137.

HIND UNILEVER
Current: Rs 533;
Target: Rs 550
The stock has resistance at Rs 537. If it passes that, it could hit Rs 550-555. Keep a stop at Rs 525 and go long. Add to the position between Rs 537-542. Book profits above Rs 550.

AXIS BANK
Current: Rs 1,319;
Target: Rs 1,285
The stock could fall till Rs 1,270-1,285 if support at Rs 1,305-1,315 is broken. Keep a stop at Rs 1,332 and short. Add to the position between Rs 1,295-1,305. Book profits below Rs 1,285.

M&M
Current: Rs 953;
Target: Rs 940
The stock is likely to correct till it hits support at Rs 930-940. Keep a stop at Rs 965 and short. Add to the position between Rs 945-950. Book profits below Rs 940.

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