Today's picks

Nifty, HCL Tech, ICICI Bank, Tata Steel & Reliance Capital

NIFTY
Current: 5,784 (futures: 5,801);
Target: NA
Yesterday's bounce may be from short-covering, or the start of a new uptrend. Futures premium stands at 15-20. The index could move till 5,745 or 5,835 today. Stop-loss shorts at 5,835 and stop-loss long positions at 5,740. A bullspread of long 5,900c (31) and short 6,000c (11) costs 20 and pays a maximum 80.

HCL TECH
Current price: Rs 746;
Target price: Rs 765
The stock hit a new 52-week high at Rs 748-749. It may see a pull back till Rs 735 or it might move past Rs 748 till around Rs 765-770. Keep a stop at Rs 735 and go long. Add to the position between Rs 748 and Rs 755. Book profits above Rs 765.

ICICI BANK
Current price: Rs 1,094;
Target price: Rs 1,130
The stock has bounced off support at Rs 1,060-1,070. It could run till around the Rs 1,130-1,145 levels. Keep a stop at Rs 1,075 and go long. Add to the position between Rs 1,100 and Rs 1,115. Book profits above Rs 1,130.

TATA STEEL
Current price: Rs 344;
Target price: Rs 350
The stock is coming off a double bottom at Rs 333, which is the 52-week low. It could bounce till around the Rs 350-352 levels or higher till Rs 365-368. Keep a stop at Rs 339 and go long. Add to the position between Rs 346 and Rs 348. Book profits or partial profits above Rs 350. If it drops below Rs 333, go short with a stop at Rs 340.

RELIANCE CAPITAL
Current price: Rs 370;
Target price: Rs 381
The stock could react back till the Rs 357 level or bounce till Rs 381-384. Keep a stop at Rs 364 and go long. Add to the position between Rs 373 and Rs 376. Book profits above Rs 381. If Rs 364 is broken, go short with a target of Rs 357.

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