Today's picks

Nifty, ITC, Wipro, YES Bank & Ambuja Cement

NIFTY
Current: 5,239 (futures: 5,265);
Target: NA
A swing session could move the index till 5,325 or 5,175. Stop-loss shorts at 5,300 and stop-loss long futures at 5,200. A wide strangle of long 5,100p (28) and long 5,400c (28) is expensive but it would pay 15-20 on a big move.

ITC
Current price: Rs 260.45;
Target price: Rs 265
The stock reacted substantially from its all-time high of Rs 273-plus. It could bounce till Rs 265-266. Keep a stop at Rs 258 and go long. Add to the position between Rs 261 and Rs 263. Book profits beyond Rs 265. If it falls below Rs 257-258, it could drop till Rs 251.

 

WIPRO
Current price: Rs 377.5;
Target: NA
If the stock crosses resistance between Rs 377 and Rs 380, it could climb till Rs 386-387. Keep a stop-loss at Rs 374, and go long. Add to the position between Rs 379 and Rs 381. Book profits beyond Rs 386. If it falls below Rs 372, it could slide back till Rs 364.

YES BANK
Current price: Rs 327;
Target price: Rs 334
The support at Rs 320-322 helped to trigger a bounce till Rs 327. A further move till Rs 334-337 is possible. Take a stop-loss at Rs 322 and go long. Add to the position between Rs 329 and Rs 332. Book profits beyond Rs 334.

AMBUJA CEMENT
Current price: Rs 189;
Target price: Rs 194
The stock could run up until it hits resistance at Rs 194-196. Keep a stop at Rs 186 and go long. Add to the position between Rs 190 and Rs 192. Book profits at Rs 194. If Rs 186 is broken, the next support would be Rs 182.

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