Today's picks: From Tata Steel to Ultratech, hot stocks to watch on Friday

Keep a stop at Rs 616 and go long for Tata Steel

Nifty 

Current: 10,565 (fut: 10,579)

Target: NA

Stop-long positions at 10,500. Stop-short positions at 10,650. Big moves could go till 10,700, 10,450. A long 10,600c (48), long 10,500p (38) strangle can be laid off with short 10,400p (22), short 10,700c (14) for a net cost of 50, and breakevens of 10,450, 10,650.

Bank Nifty 

Current: 25,126 (fut: 25,175)

Target: NA

Stop-long positions at 25,050. Stop-short positions at 25,300. Big moves could go till 25,550, 25,800. Trend could have negative bias.

Tata Steel 

Current price: Rs 622 

Target price: Rs 632

Keep a stop at Rs 616 and go long. Add to the position between Rs 629 and Rs 631. Book profits