Today's picks

Nifty, Axis Bank, HDFC, HCL Tech & DLF

NIFTY
Current: 5,708 (futures: 5,745)
Target: NA
A swing session could move the index till 5,625 or 5,775. The futures will run at 30-50 points premium. Stop loss shorts at 5,800 (futures price) and stop loss long positions at 5,675 (futures price). A deep zero-delta strangle of long 5,500p (9) and long 5,900c (18) costs 27. On a big move, this will gain 10-15.

AXIS BANK
Current price: Rs 1,134
Target price: Rs 1,160
The stock could rally till the Rs 1,160-1,170 levels or fall till Rs 1,100 . Keep a stop at Rs 1,120 and go long. Add to the position between Rs 1,140-1,150. Book profits above Rs 1,160. If Rs 1,120 is broken, consider going short.

 

HDFC Current price: Rs 748
Target price: Rs 770
Not much movement ahead of results. A swing between Rs 725 and Rs 780 is possible. Keep a stop at Rs 740 and go long. Add to the position at Rs 755-760. Book profits above Rs 770. If Rs 740 is broken, consider a short with a stop loss at Rs 748 and a target of Rs 730.

HCL Tech Current price: Rs 577
Target price: Rs 595
The stock will probably move in tandem with Infosys. It could swing between Rs 555 and Rs 600. Keep a stop at Rs 570 and go long. Add to the position at Rs 580-584. Book profits above Rs 595. If Rs 570 is broken, go short with a stop loss at Rs 575.

DLF Current price: Rs 221
Target price: Rs 214
A pullback on short covering from support at Rs 210-212. There's heavy resistance between Rs 221 and Rs 224 and chances of a another drop back till the Rs 212-214 levels. Keep a stop at Rs 224 and short. Add to the position between Rs 215 and Rs 217. Book profits below Rs 214.

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