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Today's picks

Source : BUSINESS_STANDARD
Last Updated: Sat, Jan 12, 2013 18:00 hrs

NIFTY
Current: 5,969 (futures: 5,997)
Target: NA
The Nifty is at a key support level and seems to be in a short-term downtrend. A swing session could hit 5,900 (fut: 5,930) or 6,020 (fut: 6,050). Stop loss shorts at 6,000 (fut: 6,020) and stop loss long positions at 5,920 (fut: 5,950). A bearspread of long 5,900p (33) and short 5,800p (13) costs 20. It could double if 5,900 is hit.

ONGC
Current price: Rs 303


Target price: Rs 317
ONGC is testing resistance near its 52-week high of Rs 305. If it crosses that and closes above it, a target of Rs 317-320 may be achieved in three sessions. Keep a stop at Rs 295 and go long. Add to the position between Rs 306-309. Book profits above Rs 317.

BHEL
Current price: Rs 232
Target price: NA
The stock is sensitive to IIP data, so traders may act accordingly as that news is released. It could bounce till Rs 239-240 or drop till Rs 220-222, depending on IIP. If you short, keep a stop loss of Rs 236. If you go long, keep a stop loss at Rs 225.

AXIS BANK
Current price: Rs 1,368
Target price: Rs 1,395
A rise till Rs 1,395-1,420 in three sessions is possible. Keep a stop at Rs 1,345 and go long. Add to the position between Rs 1,375-1,385. Book partial profits above Rs 1,390, reset the stop to Rs 1,375 and hold the rest for a target of Rs 1,420.

INFOSYS
Current price: Rs 2,322
Target price: Rs 2,230
The stock bounced from support at Rs 2,300-2,310. If the results beat expectations, it could jump till Rs 2,380-2,400 levels or higher. If results disappoint, a drop till Rs 2,225-2,250 or lower is possible. Short with a stop loss at Rs 2,380. Add to the position between Rs 2,270-2,290. Book profits below Rs 2,230.


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




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