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Today's picks: Nifty, Axis Bank, Reliance Power, Hindalco, Bharti Airtel

Source : BUSINESS_STANDARD
Last Updated: Tue, Aug 21, 2012 19:03 hrs
Sensex falls 1 pct on worries about reforms, growth

NIFTY
Current: 5,421 (futures: 5,442)
Target: NA
The Nifty closed above key resistance at 5,400 and could have an upside till 5,500. A correction may pull it back till 5,325. A bullspread of long 5,400c (66) and short 5,500c (18) costs 48. It's in the money and may gain substantially on another up-session.

AXIS BANK
Current price: Rs 1,111
Target price: Rs 1,145
The stock has resistance at Rs 1,120-1,130. If it beats that, it could run till Rs 1,145-1,160. Keep a stop at Rs 1,095 and go long. Add to the position between Rs 1,125 and Rs 1,135. Book profits above Rs 1,145.

RELIANCE POWER
Current price: Rs 89
Target price: NA
The stock could range-trade Rs 86-90 in the next two sessions. Breakouts or breakdowns could take it till either Rs 80 or Rs 95. If it falls below Rs 86.5, go short with a stop-loss at Rs 89 and a target of Rs 80-81. If it rises above Rs 90, go long with a stop at Rs 87 and a target of Rs 94-95.

HINDALCO
Current price: Rs 112
Target price: Rs 106
The stock is down trending with support at Rs 110. If it drops below Rs 110, it could fall till Rs 105-106. Keep a stop at Rs 113.5 and go short. Add to the position between Rs 108 and Rs 109. Book profits at Rs 106.

BHARTI AIRTEL
Current price: Rs 258.5
Target price: Rs 253
The stock may test support at Rs 252-253. Keep a stop at Rs 262 and short. Add to the position between Rs 255 and Rs 257. Book profits below Rs 253.


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