Today's picks

Nifty, Bank Nifty, HDFC, Hindalco & Reliance Capital

NIFTY
Current: 5,822 (futures: 5,823)
Target: NA
The index is at the 200 day moving average. Use the next support at 5,775 as a stop loss for long positions. Use 5,850 as a stop loss for shorts. Breakouts or breakdowns could go till 5,725 or 5,925. A big move is likely and may be aligned to the US trend. A strangle of long 5,600p (11) and a long 6,000c (14) could gain 15-20 on a big swing.

BANK NIFTY
Current: 11,853 (futures: 11,870)
Target: 12,125
Current support at 11,775. Current resistance at 11,925. Use those levels as stop losses. Breakouts or breakdowns could go till 11,575 or 12,125. There is some upside bias. Go long with a stop loss at 11,775. Add to the position between 12,000 and 12,050. If 11,775 is broken, consider a short with a stop loss at 11,825.

HDFC
Current price: Rs 843;
Target price: Rs 865
The stock could bounce till Rs 865-870. Keep a stop at Rs 830 and go long. Add to the position between Rs 848 and Rs 860. Book profits above Rs 865. If Rs 830 is broken, the stock could drop till Rs 810.

HINDALCO
Current price: Rs 104;
Target price: Rs 111
A pullback above resistance at Rs 105-106 could take the stock to Rs 111-112. Go long with a stop loss at Rs 102 and add to the position between Rs 106 and Rs 107. Book profits above Rs 111.

RELIANCE CAPITAL
Current price: Rs 348;
Target price: Rs 360
A rise till Rs 360-362 is possible if resistance breaks at Rs 351-352. Keep a stop at Rs 341 and go long. Add to the position between Rs 352 and Rs 355. Book profits above Rs 360.

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