Today's picks: 16 January, 2017

Nifty, Bank Nifty, Tata Steel, Ambuja Cements, ONGC

Nifty 

Current: 10,741 (fut: 10,745)
Target: NA

Stop-long positions at 10,675. Stop-short positions at 10,825. Big moves could go till 10,875, 10,650. A long 10,700p (54), short 10,600p (32) could gain 15-20 if there's a pullback till 10,700.

Bank Nifty       

Current: 26,069  (futures: 26,045)
Target: NA  

Stop-long positions at 25,950. Stop-short positions at 26,150. Big moves could go till 26,350, 25,700. Backwardation in futures suggests some downside bias.

Tata Steel          

Current price: Rs 783

Target price: Rs 796

Keep a stop at Rs 775 and go long. Add to the position between Rs 791 and Rs 794. 

Book profits at Rs 796.

Ambuja Cements   

Current price: Rs 277   

Target price: Rs 282

Keep a stop at Rs 274 and go long. Add to the position between Rs 280 and Rs 281. Book profits at Rs 282.

ONGC          

Current price: Rs 197  

Target price: Rs 192

Keep a stop at Rs 200 and go short. Add to the position between Rs 193 and Rs 194. Book profits at Rs 192.