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Today's picks

Nifty, Axis Bank, Bharti Airtel, Hindalco & JP Associates

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Devangshu Datta New Delhi

NIFTY
Current: 5,222 (March futures: 5,232);
Target: NA
A volatile session ended bearish. If the swings continue, the index may move till either 5,350, or 5,075 today. A wide strangle of long 5,000p (69) and long 5,400c (58) could gain 20-30 if there is a big session. A bearspread of long 5,200p (126) and short 5,100p (88) costs 38 and it could double in value on a downtrend.

AXIS BANK
Current price: Rs 1,147;
Target price: Rs 1,105
The stock saw heavy selling in the closing stages of the last session. It could test support in the range of Rs 1,100-1,110 and if that is broken, it might fall till Rs 1,070. Keep a stop at Rs 1,165 and go short. Add to the position between Rs 1,125 and Rs 1,135. Book profits or partial profits at Rs 1,105.

 

BHARTI AIRTEL
Current price: Rs 336;
Target price: Rs 346
The stock may rally from current levels and test resistance at Rs 345-350. Keep a stop at Rs 332 and go long. Add to the position between Rs 340 and Rs 343. Book profits at Rs 346. If Rs 332 is broken, consider a short, with a target of Rs 320.

HINDALCO
Current price: Rs 132;
Target price: Rs 123
The stock is testing key support at Rs 129-131. If it falls below Rs 129, it could drop till Rs 115 in the next three sessions. Keep a stop at Rs 136 and go short. Add to the position between Rs 126 and Rs 129. If the Rs 136 stop is broken, it might rally till Rs 142.

JP ASSOCIATES
Current price: Rs 70;
Target price: Rs 66
The stock could fall till Rs 64-66 if the current downtrend continues. Keep a stop at Rs 72 and short. Add to the position between Rs 67 and Rs 68.5. Start booking profits below Rs 66. A rally beyond Rs 73 could take it till Rs 77.


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

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First Published: Mar 07 2012 | 12:13 AM IST

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