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Today's picks: Nifty, Tata Motors, Wipro, ONGC

Source : BUSINESS_STANDARD
Last Updated: Thu, Jan 17, 2013 20:12 hrs
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NIFTY 
Current: 6,039 (futures: 6,051)
Target: NA
A recovery hit resistance at above Nifty 6,040. The futures is at nominal premium. The market could swing between 6,100 or 5,970. Stop loss shorts at 6,070 and stop loss long positions at 5,990. A bullspread of long 6,100c (36) and short 6,200c (12) could double in value if 6,100 is struck. 


TATA MOTORS 

Current price: Rs 329
Target price: Rs 345
The stock hit a high of Rs 337-338 and corrected to Rs 318 before moving up again. It should test resistance at Rs 335-338 and if it moves above Rs 338, it could move till Rs 340-345. Keep a stop at Rs 323 and go long. Add to the position between Rs 331-334. Book partial profits at Rs 338 and hold the rest for a 3-session target of Rs 345.

WIPRO 
Current price: Rs 431 
Target price: Rs 445
This IT major is also participating in the sectoral rally. It could have an upside till the Rs 445-450 levels in the next 3 sessions. Keep a stop at Rs 422 and go long. Add to the position between Rs 435-439. Book profits above Rs 445. 

ONGC 

Current price: Rs 314.5
Target price: Rs 330
New high at Rs 321-322 on good volumes. Difficult to set a long-term target. Assuming resistance at Rs 320-323 is passed, the stock could hit Rs 330 in the next 3 sessions. Keep a stop at Rs 306 and go long. Add to the position between Rs 320-322. Book profits above Rs 330.


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