Today's picks

Nifty, Jindal Steel & Power, Axis Bank, Maruti Suzuki & Hindalco

NIFTY
Current: 5,905 (futures: 5,928);
Target: NA
Nominal net change after a session that traded between 5,880-5,925. A big session could see 5,830 or 5,965 being hit. Futures premium will run at 25-30. Stop-loss shorts at 5,945 and stop-loss long positions at 5,870. The bearspread of long 5,900p (60) and short 5,800p (29) costs 31 and could gain 15-20 if the index drops to 5,850.

JINDAL STEEL & POWER

Current price: Rs 406;
Target price: Rs 385
The stock hit a 20-day low. If support at Rs 400-405 holds, it could bounce till Rs 415-420. Otherwise a fall till Rs 380-385 is possible. Keep a stop at Rs 411 and short. Add to the position between Rs 395 and Rs 400. Book profits below Rs 385.

AXIS BANK
Current price: Rs 1,494;
Target price: Rs 1,550
The stock consolidated at support between Rs 1,445 and Rs 1,460 before moving up. It could test resistance at the 52-week high of Rs 1,515-1,520. A breakout would take it till Rs 1,550-1,565. Keep a stop at Rs 1,475 and go long. Add to the position between Rs 1,510 and Rs 1,525. Book profits above Rs 1,550.

MARUTI SUZUKI
Current price: Rs 1,559;
Target price: Rs 1,525
The stock could slide till Rs 1,515-1,530 if support at Rs 1,550 breaks. On the upside, it has resistance between Rs 1,585 and Rs 1,600. Keep a stop at Rs 1,575 and short. Add to the position between Rs 1,540 and Rs 1,555. Book profits below Rs 1,525.

HINDALCO
Current price: Rs 112.3;
Target price: Rs 114.5
The stock has bounced from Rs 107-108. it could rebound till the Rs 114-116 levels. Keep a stop at Rs 111 and go long. Add to the position between Rs 113 and Rs 114. Book profits above Rs 114.5.

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