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Today's picks: IDFC, HCL Tech, ONGC

Source : BUSINESS_STANDARD
Last Updated: Mon, Sep 23, 2013 20:40 hrs
Brokers trade at a stock brokerage firm in Mumbai

NIFTY
Current: 5,890 (futures: 5,912); R
Target: NA
Use support at 5,875 (futures price) as the stop-loss for long positions. Use resistance at 5,980 as a stop loss for shorts. Breakouts could go till 5,800 or 6,025. The trend seems bearish. A long 5,800p (24) and short 5,700p (9) costs 15 and it would double if the index drops below 5,850.

BANK NIFTY
Current price: 10,212 (fut: 10,235);


Target price: 10,025
Keep a stop at 10,325 (futures price) and short. Add to the position between 10,150 and 10,200. Book profits below 10,025. A bounce beyond 10,325 could go till 10,400.

IDFC
Current price: Rs 93.3;
Target price: Rs 88
Keep a stop at Rs 96 and short. Add to the position between Rs 90.5 and Rs 92. Book profits below Rs 88.

HCL TECH
Current price: Rs 1,091;
Target price: Rs 1,025
New high at Rs 1,099 followed by some selling. Keep a stop at Rs 1,075 and go long. Add to the position between Rs 1,100 and Rs 1,110. Book profits above Rs 1,025.

ONGC
Current price: Rs 275;
Target price: Rs 268
Keep a stop at Rs 281 and short. Add to the position between Rs 272 and Rs 274. Book profits below Rs 268.

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