Today's picks: 16 May, 2017
Nifty, Bank Nifty, Tata Steel, Hindalco, Infosys
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Last Updated : May 16 2017 | 6:30 AM IST
Nifty
Current: 9,445 (fut: 9,456), Target: NA
Stop-long positions at 9,395. Stop-short positions at 9,510. Big moves could go till 9,575, 9,325. A long strangle of 9,400p (38), long 9,500c (38) has breakevens at 9,325, 9,575. One big session could pull that long strangle into profit.
Bank Nifty
Current: 22,821 (fut: 22,829)
Target: NA
Stop-short positions at 22,950, stop-long positions at 22,715. Big moves could go till 23,150, 22,500. Nifty Bank seems overbought and more likely to correct.
Tata Steel
Current price: Rs 456
Target price: Rs 446
Keep a stop at Rs 461 and go short. Add to the position between Rs 450 and Rs 452. Book profits at Rs 446
Hindalco
Current price: Rs 198.5
Target price: Rs 201.5
Keep a stop at Rs 196.5 and go long. Add to the position between Rs 200 and Rs 201. Book profits at Rs 201.5.
Infosys
Current price: Rs 952
Target price: Rs 935
Keep a stop at Rs 960 and go short. Add to the position between Rs 938 and Rs 940.
Book profits at Rs 935.
Target prices, projected movements in terms of next session, unless otherwise stated