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Today's picks

Source : BUSINESS_STANDARD
Last Updated: Tue, Nov 27, 2012 18:00 hrs

NIFTY
Current: 5,636 (futures: 5,641)
Target: NA
The index could swing between 5,570 and 5,700 with the futures at nominal premium to the underlying. Stop loss long positions at 5,600 and stop loss shorts at 5,670. A long 5,600p (13) tempting since it would double if it is struck.

BANK NIFTY
Current: 11,432 (futures: 11,441)
Target: 11,300 (futures price)
The financial index closed weak with the futures at the nominal premium to the underlying index. A drop till 11,275-11,300 is possible. Keep a stop at 11,550 (futures) and short. Add to the position at 11,375-11,400 (futures). Book profits below 11,300.

HINDALCO
Current price: Rs 110
Target price: Rs 113
The pullback could continue till the Rs 113-114 level. Keep a stop at Rs 107.5 and go long. Add to the position between Rs 111 and Rs 112. Book profits above Rs 113.

M&M
Current price: Rs 922
Target price: Rs 890
Sharp reaction from all-time high of Rs 960. If support at current level breaks, the next support is Rs 865-880. Keep a stop at Rs 935 and go short. Add to the position between Rs 905 and Rs 915. Book profits below Rs 880. A bounce above Rs 935 could go till Rs 945-950.


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




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