Today's picks

Nifty, YES Bank, Tata Steel, Bharti Airtel & Hindalco

NIFTY
Current: 5,408 (futures: 5,411)
Target: NA
Short-covering was partly responsible for Wednesday's upmove. The index could move between 5,475 (stop loss for short positions) and 5,300 (stop loss for long positions) on Friday, with possible breakouts to 5,525 and 5,250. A bullspread of long 5,400c (81) and short 5,500c (35) could gain 15-20 if 5,500 is struck.

YES BANK
Current: Rs 242.5;
Target: Rs 252
Keep a stop at Rs 236 and go long. Add to the position between Rs 245 and Rs 247. Book profits above Rs 252. If the stock breaks below Rs 232, it could fall till Rs 220.

TATA STEEL
Current: Rs 274;
Target: Rs 283
Go long with a stop-loss at Rs 264. Add to the position between Rs 276 and Rs 279. Book profits above Rs 283. A fall below Rs 263 could mean a slide till Rs 255.

BHARTI AIRTEL
Current: Rs 313;
Target: Rs 302
Keep a stop at Rs 318 and short. Add to the position between Rs 308 and Rs 311. Book profits below Rs 302. If Rs 318 is broken, the stock could run up till Rs 325.

HINDALCO
Current: Rs 104;
Target: Rs 107.5
Keep a stop at Rs 102 and go long. Add to the position between Rs 105 and Rs 106. Book profits above Rs 107.5.

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