Today's picks

Nifty, ICICI Bank & Reliance Industries

NIFTY
Current: 5,258 (Nov fut: 5,289)
Target: NA
The Nifty could swing between 5,175 (downside) and 5,400 (upside) in the next session. Long futures positions can be stop-lossed at 5,200 and short futures at 5,300. A wide long strangle of long 5,000p (32) and long 5,500c (33) will gain 15-20 on a 100-point swing.

ICICI BANK
Current: Rs 895
Target: Rs 865
The stock is likely to test support at Rs 860-865 ion this correction. Keep a stop at Rs 910 and go short. Add to the position between Rs 875 and Rs 885. Start booking profits at Rs 865. If Rs 910 is broken, the stock could rebound till Rs 925-930.

 

RELIANCE INDUSTRIES
Current: Rs 860
Target: Rs 885
The stock has good support between Rs 850 and Rs 860 and it could rebound till Rs 885 and Rs 890. Keep a stop at Rs 850 and go long. Add to the position between Rs 870 and Rs 875. Start booking profits above Rs 885. If Rs 850 is broken, the next support is between Rs 835 and Rs 840.

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