Today's picks: Nifty, Bank Nifty, JP Associates, BHEL, DLF

Source : BUSINESS_STANDARD
By : Devangshu Datta
Last Updated: Mon, Jun 24, 2013 04:44 hrs
Bulls vanish in 2008

NIFTY
Current: 5,656 (futures: 5,641)
Target: NA
The futures have gone into discount and the put-call ratio remains bearish. The index could test 5,475 if the downtrend holds till settlement. Today, stop loss long positions at 5,625 and stop loss shorts at 5,725. A bearspread of long 5,500p (16) and short 5,400p (5) costs 11 and could triple in value if the index drops another 100 points.



BANK NIFTY
Current: 11,375 (futures: 11,344)
Target: 11,200
The futures is in discount. The financial index could head lower and test support at 11,175-11,225. If that's broken, it could test 11,025-11,050. Keep a stop at 11,450 and short. Add to the position between 11,275 and 11,300. Book profits at 11,200.

JP ASSOCIATES
Current price: Rs 58.65;
Target price: Rs 55
New 52-week low at Rs 58.4. Keep a stop at Rs 60.5 and short. Add to the position between Rs 57 and Rs 58. Book profits below Rs 55.

DLF
Current price: Rs 175.5;
Target price: Rs 166
Another 52-week low at Rs 173. Put a stop loss at Rs 181 and short. Add to the position between Rs 170 and Rs 173. Book profits below Rs 166.

BHEL
Current price: Rs 171;
Target price: Rs 164
A 52-week low at Rs 170-171. Keep a stop at Rs 175 and short. Add to the position between Rs 169 and Rs 171. Book profits below Rs 164.

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