Today's Picks: August 9, 2017

Nifty, Bank Nifty, Hindalco, Sun Pharma, Tata Power

Nifty

Current: 9,978 (fut: 10,004), Target: NA

Stop long positions at 9,925. Stop short positions at 10,075. Big moves could go till 10,125, 9,875. A long 9,900p (69) and short 9,800p (45) bearspread could gain 15-20, if the index tests support at 9,900.
 

Bank Nifty

Current: 24,599 (fut: 24,705), Target: NA

Stop long positions at 24,600. Stop short positions at 24,810. Big moves could go till 25,050. 24,350. Correction may continue. A long 24,500p (48) is underpriced and will hit break-even at 24,450.
 
Hindalco

Current price: Rs 235
Target price: Rs 240

Keep a stop at Rs 232 and go long.

Add to the position between Rs 238 and Rs 239. Book profits at Rs 240.
 
Sun Pharma   

Current price: Rs 500
Target price: Rs 492

Keep a stop at Rs 505 and go  short. Add to the position between Rs 493 and Rs 494. Book profits at Rs 492.
 
Tata Power   
Current price: Rs 78
Target price: Rs 75.5

Keep a stop at Rs 79.5 and go short. Add to the position between Rs 76 and Rs 76.5. Book profits at Rs 75.5  Target prices, projected movements in terms of next session, unless otherwise stated