Today's picks

Nifty, Bank Nifty, Bajaj Auto, HCL Tech & Reliance Industries

NIFTY
Current: 5,909 (futures: 5,940);
Target: NA
The index bounced from 5,795 and closed strong with the futures premium climbing to 25-30. A big session today could move the index till 5,970 or till 5,850. Stop-loss shorts at 5,950 and stop-loss long positions at 5,870. A bullspread of long 6,000c (36), short 6,100c (12) could gain 15-20 if the index climbs to 5,975.

BANK NIFTY
Current: 12,020 (fut: 12,090);
Target: 12,350
The financial index will be highly volatile till March 19 (Credit Policy). The futures premium is 75-80. The short-term trend is positive. If resistance at 12,200 breaks, the upside could be 12,350-12,400. The downside could be 11,550-11,600. Keep a stop at 11,950 and go long. Add between 12,175 and 12,225. Book profits above 12,350. If the index falls below 11,900, short with an initial target of 11,700 and a stop-loss at 12,000.

BAJAJ AUTO
Current price: Rs 1,855;
Target price: Rs 1,780
The stock hit a new three-month low. It could bounce till Rs 1,885 or drop till the Rs 1,765-1,760 levels. Keep a stop at Rs 1,885 and short. Add to the position between Rs 1,820 and Rs 1,835. Book profits below Rs 1,780.

HCL TECH
Current price: Rs 791;
Target price: Rs 820
New 52-week high. Target could be Rs 820-825 in the next three sessions. Keep a stop at Rs 780 and go long. Add to the position between Rs 796 and Rs 805. Book profits above Rs 820.

RELIANCE INDUSTRIES
Current price: Rs 860;
Target price: Rs 872
The stock could move till around the Rs 872-876 level if it beats resistance at Rs 864-865. Keep a stop at Rs 853 and go long. Add to the position between Rs 864 and Rs 868. Book profits above Rs 872.

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