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Today's picks

Source : BUSINESS_STANDARD
Last Updated: Sun, Dec 02, 2012 18:00 hrs
BSE Sensex closes up 472 points

NIFTY
Current: 5,825 (futures: 5,871)
Target: NA
The index hit a new high with the futures at 50 points premium. A big session could move it till 5,900 or back till 5,750. Stop loss shorts at 5,900 (futures price) and stop loss long positions at 5,825 (futures price). A bullspread of long 5,900c (74) and short 6,000c (39) costs 35 and it could gain 15-20 if 5,900 is struck.

BANK NIFTY
Current price: 11,993 (fut: 12,090)
Target price: 12,350 (fut: 12,450)
The financial index has just hit a 52-week high and the futures are trading at around 100 points premium. Difficult to set a target but a run till 12,350-12,400 (fut: 12450-12,500) is possible in the next three sessions. Keep a stop at 11,900 (futures price) and go long. Book profits above 12,450.

L&T
Current price: Rs 1,663
Target price: Rs 1,705
A big jump on high volumes. There's resistance at Rs 1,680-1,690 which is likely to be tested and a move past Rs 1,690 would mean a target of Rs 1,705-1,720. A reaction should find support at Rs 1,610-1,620. Keep a stop at Rs 1,650 and go long. Add to the position at Rs 1,670-1,685. Book profits above Rs 1,705.

BAJAJ AUTO
Current price: Rs 1,950
Target price: Rs 2,025
The stock hit a new 52-week high at Rs 1,977-1,978 on high volumes. It should move up till around the Rs 2,025-2,050 mark in the next three sessions. However, the nearest reliable support is at Rs 1,860-1,870. So, there is a big downside. Keep a stop at Rs 1,920 and go long. Add to the position between Rs 1,975 and Rs 1,995. Book profits above Rs 2,025.





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