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Today`s picks

Source : BUSINESS_STANDARD
Last Updated: Sat, Jan 19, 2013 18:00 hrs

NIFTY
Current: 6,002 (futures: 6,017)
Target: NA
A sharp correction after two uptrending sessions. Today could see a swing till 5,925 or 6,085. Stop loss shorts at 6,030 and stop loss long positions at 5,970. A stradde of long 6,000c (67) and long 6,000p (53) can be combined to a short 6,100c (26) and short 5,900p (22) to reduce net cost to 72 with breakevens at 5,928 and 6,072 and a maximum return of 28.

HCL TECH


Current price: Rs 674
Target price: Rs 705
The stock has major resistance at Rs 680-682 where it hit a 52-week high on Tuesday. A breakout driven by today's results could take it till Rs 705-715 in three or four sessions. Keep a stop at Rs 663 and go long. Add to the position between Rs 681-684 and book profits above Rs 705.

RELIANCE INDUSTRIES
Current price: Rs 861
Target price: Rs 875
The stock could test resistance between Rs 871-880 today if the uptrend is sustained. A rise past Rs 881 would be a very positive signal with a possible target of Rs 900. Keep a stop at Rs 850 and go long. Add to the position between Rs 868-872. Book partial profits above Rs 875 and hold the residue till settlement.

HINDALCO
Current price: Rs 123.5
Target price: Rs 118
Hindalco declined sharply and it may test support at Rs 117-118 if the downtrend continues. Keep a stop at Rs 126 and go short. Add to the position between Rs 119-120. Book profits below Rs 118. If Rs 126 is broken, a rise till Rs 129-130 is possible.


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



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