Today's picks

NIFTY
Current: 4,750 (Futures: 4,753);
Target: NA
The index marked time and the short-term trend is indeterminate. Maximum swing-session expectations could be about 4,600 or 4,900. Stop loss long futures at 4,700 and short futures at 4,800. A zero-delta strangle of long 4,600p (60) and long 4,900c (52) could gain 15-20 if there's a 100-point swing.

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M&M
Current: Rs 639;
Target: Rs 620
The stock could fall till 620 today and there's a chance of it hitting the 580-590 levels in the next two-three sessions. Keep a stop at 650 and short. Add to the position between 625-630 and reset the stop to 635. Book profits at 620 or book partial profits and hold with a three-session timeframe for a target of 590.

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BANK NIFTY
Current: 8,408 (Futures: 8,389);
Target: 8,175
The futures closed at a discount to the spot, which is often a sign of impending weakness. The financial index faces heavy resistance between 8,450-8,500. Keep a stop at 8500 and go short with a two-session target of 8,150-8,175. Add to the position between 8,250-8,300. Book profits below 8,175. If 8,500 is broken, the next target could be 8,650.

HCL TECH
Current: Rs 419;
Target: Rs 430
The stock could test resistance at 428-430 today and if it crosses 430, it may climb till 440. Keep a stop at 412 and go long. If it's a one-session position, book profits between 428-430. Otherwise add to the position between 431-433 and hold for three sessions with a target of 440.

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SAIL
Current: Rs 85;
Target: Rs 91
The stock is coming off a 52-week low at 73. The rebound could have enough momentum to push it till 87-88. If resistance at 88 is beaten, the next target would be 91. Keep a stop at 83 and go long with a two-session perspective. Add to the position between 88-89. Book profits at 91.