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Today's picks: Nifty, Axis Bank, Hindalco, Ranbaxy, ITC

Source : BUSINESS_STANDARD
Last Updated: Tue, Jan 29, 2013 20:40 hrs
BSE Sensex hovers around 20,000

NIFTY
Current: 6,050 (Futures: 6,050);
Target: NA
The index could react some more after pulling back from a new high. The downside could go till 5,990 or it could recover till 6,100 levels. Stop-loss shorts at 6,080 and stop-loss long positions at 6,020. A long 6,100c (10) and a long 6,000p (10) are both attractive but the put looks more likely to be struck.

AXIS BANK
Current price: Rs 1,475;
Target price: Rs 1,440
A pullback till Rs 1,425-1,440 is likely after a new high at Rs 1,503. Keep a stop at Rs 1,495 and go short. Add to the position between Rs 1,455 and Rs 1,470. Book profits below Rs 1,440.

HINDALCO
Current price: Rs 115.5;
Target price: Rs 112.5
A pullback till Rs 112-113 looks likely. Keep a stop at Rs 117 and short. Add to the position between Rs 114 and Rs 114.5. Book profits at Rs 112.5.

RANBAXY
Current price: Rs 455;
Target price: Rs 443
A pullback till Rs 440 is likely. Keep a stop at Rs 465 and go short. Add to the position between Rs 446 and Rs 452. Book profits below Rs 443.

ITC
Current price: Rs 305;
Target price: Rs 311
A new high and the stock held most of its gains. The next target could be Rs 310-313. Keep a stop at Rs 301 and go long. Add to the position between Rs 306 and Rs 309. Book profits above Rs 311.



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