Today`s picks

Nifty, Axis Bank, Hindalco, Ranbaxy & ITC

NIFTY
Current: 6,050 (Futures: 6,050);
Target: NA
The index could react some more after pulling back from a new high. The downside could go till 5,990 or it could recover till 6,100 levels. Stop-loss shorts at 6,080 and stop-loss long positions at 6,020. A long 6,100c (10) and a long 6,000p (10) are both attractive but the put looks more likely to be struck.

AXIS BANK
Current price: Rs 1,475;
Target price: Rs 1,440
A pullback till Rs 1,425-1,440 is likely after a new high at Rs 1,503. Keep a stop at Rs 1,495 and go short. Add to the position between Rs 1,455 and Rs 1,470. Book profits below Rs 1,440.

HINDALCO
Current price: Rs 115.5;
Target price: Rs 112.5
A pullback till Rs 112-113 looks likely. Keep a stop at Rs 117 and short. Add to the position between Rs 114 and Rs 114.5. Book profits at Rs 112.5.

RANBAXY
Current price: Rs 455;
Target price: Rs 443
A pullback till Rs 440 is likely. Keep a stop at Rs 465 and go short. Add to the position between Rs 446 and Rs 452. Book profits below Rs 443.

ITC
Current price: Rs 305;
Target price: Rs 311
A new high and the stock held most of its gains. The next target could be Rs 310-313. Keep a stop at Rs 301 and go long. Add to the position between Rs 306 and Rs 309. Book profits above Rs 311.

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