Today's picks

Nifty, Hindalco, Axis Bank, Tata Motors & Bharti Airtel

NIFTY
Current: 5,851 (futures: 5,860);
Target: NA
The index may stay bearish or bounce from 5,850. Today's session limits could be 5,910 or 5,790. A bearspread of long 5,800p (52) and short 5,700p (30) could gain 10-15 if the index drops below 5,820. A strangle of long 6,000c (22) and long 5,700p (30) would gain 15-20 if the index swung 75 points in either direction.

HINDALCO
Current price: Rs 96;
Target price: Rs 91
The stock could test support at its 52-week low of Rs 93-94. If that breaks, it might fall to Rs 90-91. Keep a stop at Rs 99 and short. Add to the position between Rs 92.5 and Rs 93.5. Book profits below Rs 91.

A bounce beyond Rs 99 could go till Rs 102-103.

AXIS BANK
Current price: Rs 1,346;
Target price: Rs 1,310
The stock could test support in the Rs 1,310-1,320 zone. It could fall till Rs 1,225-1,235 if it closes below Rs 1,300. Keep a stop at Rs 1,365 and go short. Add between Rs 1,320 and Rs 1,335. Book partial profits at Rs 1,310 and hold the rest with a stop-loss at Rs 1,335 and an initial target of Rs 1,280.

TATA MOTORS
Current price: Rs 301;
Target price: Rs 290
If support at Rs 297 breaks, the downside could be Rs 285-290. Keep a stop at Rs 306 and short. Add to the position between Rs 295 and Rs 297. Book profits below Rs 290.

BHARTI AIRTEL
Current price: Rs 317;
Target price: Rs 324
The stock has strong resistance at Rs 320-321. If it crosses that, it could run till Rs 324-327. Keep a stop at Rs 313 and go long. Add to the position between Rs 320 and Rs 322. Book profits above Rs 324.

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