Today's picks

Nifty, Bank Nifty, Larsen & Toubro, Cairn India & Ambuja Cement

NIFTY
Current: 6,841 (futures: 6,902)
Target: NA
Stop-loss short positions at 6,950 and stop-loss long at 6,850. Breakouts or breakdowns may go till 7,000 or 6,800. Option premiums're high. Traders may take a short 6,800p (207) and long 6,700p (167) getting 40. Reverse spread when gap drops to 25. (All futures prices above)

BANK NIFTY
Current: 13,122 (futures: 13,272)
Target: 13,375 (futures: 13,450)
Keep a stop at 13,200 and go long. Add to the position between 13,375 and 13,400. Book profits above 13,450. (All futures prices above)

LARSEN & TOUBRO
Current: Rs 1,376
Target: Rs 1,350
Keep a stop at Rs 1,390 and go short. Add to the position between Rs 1,355 and Rs 1,365. Book profits below Rs 1,350.

CAIRN INDIA
Current: Rs 352
Target: Rs 362
Keep a stop at Rs 347 and go long. Add to the position between Rs 355 and Rs 358. Book profits above Rs 362.

AMBUJA CEMENT
Current: Rs 219
Target: Rs 228
Keep a stop at Rs 213 and go long. Add to the position between Rs 222 and Rs 225. Book profits above Rs 228.

Target prices, projected movements in terms of next session, unless otherwise stated