Today's picks

Nifty, Mahindra & Mahindra, ITC, IndusInd Bank & HDFC

NIFTY
Current: 6,124 (futures: 6,120);
Target: NA
Settlement stayed range-bound. Could be high volatility today with a swing between 6,025 and 6,200 due to US jobs data and Indian GDP estimates. Stop-loss shorts at 6,175 and stop-loss long positions at 6,065. Options look overpriced but selling is risky.

MAHINDRA & MAHINDRA
Current price: Rs 1,005;
Target price: Rs 1025
The stock could test resistance at Rs 1,020-1,025, which is the 52-week high. Keep a stop at Rs 985 and go long. Add to the position between Rs 1,010 and Rs 1,020. Book profits or partial profits at Rs 1,025. Hold the rest with a target of Rs 1,050 and a stop-loss at Rs 1,010.

ITC
Current price: Rs 354;
Target price: Rs 365
New high at Rs 355-356. Keep a stop at Rs 349 and go long with a three-session timeframe. Add to the position between Rs 356 and Rs 360. Book profits above Rs 365. If Rs 349 is broken, go short with a target of Rs 342 and a stop-loss at Rs 354.

INDUSIND BANK
Current price: Rs 529;
Target price: Rs 540
If the stock breaks resistance at the 52-week high of Rs 531-532, it could run till Rs 540-545. Keep a stop at Rs 520 and go long. Add to the position between Rs 532 and Rs 538. Book profits above Rs 540.

HDFC
Current price: Rs 926;
Target price: Rs 940
The stock could test its 52-week high at Rs 931-932. A breakout would take it to Rs 940. Keep a stop at Rs 915 and go long. Add to the position between Rs 930 and Rs 935. Book profits above Rs 940.

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