Today's picks

Nifty, SBI, HCL Tech, ITC & Lupin

NIFTY
Current: 5,689 (fut: 5,700);
Target: NA
The session could see a move between 5,650 and 5,735 with breakouts till either 5,775 or 5,600. Assume a futures premium of 10-15. Stop-loss shorts at 5,735 and stop-loss long positions at 5,665. A strangle of long 5,600p (22) and long 5,800c (16) could gain 10-15 if the index moves 50 points.

STATE BANK OF INDIA
Current price: Rs 2,245;
Target price: Rs 2,315
Go long with an initial target of Rs 2,270 and a stop-loss at Rs 2,220. Add to the position between Rs 2,275 and Rs 2,290. Book profits above Rs 2,315. If Rs 2,220 is broken, the next support is Rs 2,200 and below that, Rs 2,165.

HCL TECH
Current price: Rs 751;
Target price: Rs 720
The stock jumped to a 52-week high of Rs 810 and then saw massive selling that pushed it into the red. If support at Rs 735 breaks, the stock could drop till Rs 715-720. Keep a stop at Rs 770 and short. Add to the position between Rs 725 and Rs 735 and book profits below Rs 720. If Rs 770 breaks, expect Rs 790 to be tested.

ITC
Current price: Rs 313;
Target price: Rs 320
The stock hit a new 52-week high at Rs 314.Keep a stop at Rs 308 and go long. Add to the position between Rs 314 and Rs 317. Book profits or partial profits
above Rs 320.

LUPIN
Current price: Rs 672;
Target price: Rs 690
The stock hit a new 52-week high at Rs 680. Keep a stop at Rs 660 and go long. Add to the position between Rs 680 and Rs 685. Book profits above Rs 690.

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