Today's picks

Nifty, Bank Nifty, Hindalco, Bharti Airtel, HDFC

NIFTY
Current: 5,761 (fut: 5,768);
Target: NA
The index is bearish. Downside could be 5,650. Today, session limits should be 5,820 or 5,700. Stop-loss shorts at 5,810 and stop-loss long positions at 5,730. The bearspread of long 5,800p (64) and short 5,700p (20) could gain another 15-20 if 5,700 is struck.

BANK NIFTY
Current: 11,845 (fut: 11,854);
Target: 11,975
The financial index may test support at 11,725-11,750 and if that breaks, it will fall till 11,625-11,650. A partial recovery till 11,975-12,000 is likely however. Keep a stop at 11,800 and go long. Add to the position between 11,900 and 11,925. Book profits above 11,975. If 11,800 breaks, consider going short with a target of 11,650 and a stop at 11,875.

HINDALCO
Current price: Rs 102;
Target price: Rs 99
The stock might break to a new five-week low below Rs 100. Go short with a stop-loss at Rs 104.5. Add to the position between Rs 100 and Rs 101. Book profits below Rs 99.

BHARTI AIRTEL
Current price: Rs 311;
Target price: Rs 302
Speculative buying pushed the stock till Rs 335 before profit-booking pulled it back down. It could fall till Rs 300-302. Keep a stop at Rs 314 and short. Add to the position between Rs 306 and Rs 309. Book profits at Rs 302.

HDFC
Current price: Rs 772;
Target price: Rs 735
The stock has hit a new 2013 low of Rs 765 on FII selling. It could fall further till the Rs 725-735 mark in the next two sessions. Keep a stop at Rs 785 and go short. Add to the position between Rs 755 and Rs 765. Book profits below Rs 735.

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