Today's picks

Nifty, BankNifty, L&T, Bharat Forge & ONGC

NIFTY
Current: 6,364 (fut: 6,382)
Target: NA
Breakout to new all-time high of 6,415. Stop loss shorts at 6,435. Stop loss long positions at 6,300. Breakouts/ breakdown could go till 6,465 or 6,265. A bullspread of long 6,500c (45), short 6,600c (20) costs 25 and it could gain 15-20 if the index breaks above 6,450.

BANKNIFTY

Current: 12,066 (fut: 12,061)
Target price: 11,800
Sharp end-of-day correction after opening with a huge gap-up. Keep a stop at 12,150 and short. Add to the position between 11,975-12,000. Book profits below 11,875. If 12,150 is broken, the index could hit 12,350. (All futures prices).

L&T
Current price: Rs 1,147
Target price: Rs 1,170
Keep a stop at 1,130 and go long. Add to the position between 1,154-1,165. Book profits above 1,170.

BHARAT FORGE
Current price: Rs 315
Target price: Rs 325
Keep a stop at 310 and go long with a 3-session timeframe. Add to the position between 317.5- 319. Book profits above 325.

ONGC
Current price: Rs 305
Target price: Rs 315
Keep a stop at 299 and go long. Add to the position between 308-311. Book profits above 315.

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