Today's picks

Nifty, Bank Nifty, Wipro & Ranbaxy

NIFTY
Current: 6,278 (futures: 6,243);
Target: NA
The Nifty could stay range-bound between 6,250 and 6,350 while the futures premium to spot reduces to around 50. Stop-loss shorts at 6,400 and stop-loss long positions at 6,275. Breakouts could go till 6,200 or till 6,450. A bullspread of long 6,400c (84) and short 6,500c (48) could gain 15 points if the index futures moves till 6,400. (All futures prices)

BANK NIFTY
Current: 11,386 (fut: 11,530);
Target: 11,200 (fut: 11,300)
The premium of futures over spot should drop to around 100 while the index remains range bound between 11,250 and 11,550 . Keep a stop at 11,600 and short. Add to the position between between 11,400 and 11,425. Book profits below 11,300. (All futures prices).

ONGC
Current price: Rs 292;
Target price: Rs 302
Keep a stop at Rs 287 and go long. Add to the position between Rs 295 and Rs 298. Book profits above Rs 302.

WIPRO
Current price: Rs 549;
Target price: Rs 565
Keep a stop at Rs 540 and go long. Add to the position between Rs 554 and Rs 557. Book profits above Rs 565.

RANBAXY
Current price: Rs Rs 461.5;
Target price: Rs 445
Keep a stop at Rs 473 and short. Add to the position between Rs 450 and Rs 455. Book profits below Rs 445.

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