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Today's picks: Nifty, Bank Nifty, Essar Oil, IDFC, Maruti

Source : BUSINESS_STANDARD
Last Updated: Mon, Jan 07, 2013 19:42 hrs
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NIFTY
Current: 5,988 (futures: 6,016);
Target: NA
The futures is at 30-40 premium. There was a sharp sell-off after a new high at 6,042. Key support is at 5,950-5,975 (futures 5,980-6,010). The session could swing till 5,925 (futures 5,950) or 6,050 (futures 6,080). Stop-loss shorts at 6,025 (futures 6,055) and stop-loss long positions at 5,950 (futures 5,980). A bearspread of long 5,900p (35) and short 5,800p (16) costs 19 and could double in value on a 50-point drop.

BANK NIFTY
Current: 12,709 (futures:12,778)
Target: 13,000
The futures is at 70-80 premium. The Bank Nifty has climbed 550-point, and corrected by 150 points. Next support is at 12,600-12,650 (futures 12,675-12,725). The five-session target could be 13,000 (futures 13,075). Stop-loss at 12,600 (futures 12,675) and go long. Add between 12,800 and 12,850 (futures 12,875-12,925). Book profits above 13,000 (futures: 13,075).

ESSAR OIL
Current price: Rs 73;
Target price: Rs 77
The stock has hit a new high of Rs 75-76 on excellent volumes. It could have a near-term target of Rs 77-78. Keep a stop at Rs 71 and go long. Add to the position between Rs 74 and Rs 75. Book profits or partial profits above Rs 77.

IDFC
Current price: Rs 184;
Target price: Rs 192
The stock hit a new high (Rs 185). It could run to Rs 192-195 in the next week. Keep a stop at Rs 179 and go long. Add to the position between Rs 185 and Rs 187. Book profits above Rs 192

MARUTI
Current price: Rs 1,585;
Target price: Rs 1,635
The stock has gone to a new high on excellent volumes. The nearest support is Rs 1,555-1,565. The upside could be Rs 1,635-1,650. Keep a stop at Rs 1,565 and go long. Add to the position between Rs 1,600 and Rs 1615. Book profits above Rs 1,635.




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