Today's picks- 31 August 2016

Nifty, Bank Nifty, Ambuja Cements, PowerGrid & Bajaj Auto

NIFTY
Current: 8,744 (fut: 8,803),
Target: NA
Stop-long positions at 8,725. Stop-loss short positions at 8,870. Big moves may be till 8,925, 8,675. Trend is bullish. A butterfly of long 8,800c (114), two short 8,900c (68.5x2) and one long 9,000c (37) costs 14. It could pay a maximum of 86 if the index hits 8,900 with breakevens at 8,814, 8,986.

BANK NIFTY
Current: 19,531 (fut: 19,636)
Target: NA
Stop-loss long positions at 19,505. Stop-loss short positions at 19,750. Big moves could go till 19,950, 19,350. Trend looks strongly bullish.

AMBUJA CEMENTS
Current price: Rs 275
Target price: Rs 280
Keep a stop at Rs 272 and go long. Add to the position between Rs 278 and Rs 279. Book profits at Rs 280.

POWERGRID
Current price: Rs 183
Target price: Rs 180
Keep a stop at Rs 185 and go short. Add to the position between Rs 181 and Rs 182. Book profits at Rs 180.

BAJAJ AUTO
Current price: Rs 2,979
Target price: Rs 2,935
Keep a stop at Rs 3,010 and go short. Add to the position between 2,940 and Rs 2,950. Book profits at Rs 2,935.

Target prices, projected movements in terms of next session, unless otherwise stated