Today's picks

Nifty, Bank Nifty, Tata Steel & Hindalco

NIFTY
Current: 6,079 (futures: 6,135);
Target: NA
The bearish pattern seems to be confirmed. Stop loss shorts at 6,200 and stop loss long positions at 6,075. Breakouts could go till 6,250 or till 6,000. A bearspread of long 6,000p (45) and short 5,900p (25) costs 20 and it could double on a fall below 6,050. (All futures prices).

BANK NIFTY
Current: 10,758 (fut: 10,842);
Target: 10,525 (futures price)
Keep a stop at 10,950 and go short. Add to the position between 10,625-10,675. Book profits below 10,525. (All futures prices).

TATA STEEL
Current price: Rs 360.8;
Target price: Rs 350
Keep a stop at Rs 365 and short. Add to the position between Rs 355 and Rs 358. Book profits below Rs 350.

HINDALCO
Current price: Rs 111;
Target price: Rs 105
Keep a stop at Rs 113.5 and short. Add to the position between Rs 109 and Rs 110. Book profits below Rs 105.

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