Today's picks

Nifty, Bank Nifty, DLF, BHEL, HPCL,

NIFTY
Current: 6,217 (fut: 6,259);
Target: NA
Turnaround as RBI holds rates. Stop-loss shorts at 6,300 and stop loss long positions at 6,200. Breakouts/ breakdowns could go till 6,350 or 6,125. A bullspread of long 6,300c (48) and short 6,400c (18) costs 30 and could gain 15-20 if the index clears 6,300.

BANK NIFTY
Current: 11,358 (fut: 11,456);
Target: 11,750 (fut: 11,800)
The relief rally could pull the financial index up further, if the Fed holds off on tapering. Keep a stop at 11,350 and go long. Add to the position between 11,650-11,675. Book profits above 11,800. if the Fed tapers short with a stop-loss at 11,600 and an initial target of 11,200. (All futures prices)

DLF
Current price: Rs 160;
Target price: Rs 165
Keep a stop at Rs 158 and go long, Add to the position between Rs 161.5 and Rs 163. Book profits above Rs 165.

BHEL
Current price: Rs 164;
Target price: Rs 170
Keep a stop at Rs 161 and go long. Add to the position between Rs 166 and Rs 169. Book profits above Rs 170.

HPCL
Current price: Rs 222.5;
Target price: Rs 214
Keep a stop at Rs 227 and short. Add to the position between Rs 218 and Rs 220. Book profits below Rs 214.

Target prices & projected movements given are in terms of the next 1 trading session, unless otherwise stated