Today's picks

Nifty, PNB, Tata Power,Wipro & JP Associates

NIFTY
Current: 6,161 (futures: 6,213);
Target: NA
The high premium of 50-plus on futures relative to spot could decline to 35-plus. Stop-loss shorts at 6,265 and stop-loss long positions at 6,150. Breakouts/breakdowns could go to 6,300 or 6,100. A deep strangle of long 6,500c (43) and long 5,900p (46) is zero-delta and it could gain about 15 if the market swings 100 points in either direction.

PNB

Current: Rs 569;
Target: Rs 585
Keep a stop at Rs 560 and go long. Add to the position between Rs 573 and Rs 580. Book profits above Rs 585.

TATA POWER
Current: Rs 82;
Target: Rs 78.5
Keep a stop at Rs 83 and short. Add to the position between Rs 79.5 and Rs 80.5. Book profits below Rs 78.5

WIPRO
Current: Rs 491.5;
Target: Rs 480
Keep a stop at Rs 496 and short. Add to the position between Rs 483 and Rs 486. Book profits below Rs 480.

JP ASSOCIATES
Current: Rs 54.5;
Target: Rs 57
Keep a stop at Rs 53 and go long. Add to the position between Rs 56.5 and Rs 57.5. Book profits above Rs 57.
Target prices, projected movements in terms of next session