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Today`s picks

Nifty, Jindal Steel & Power, Dr. Reddy`s, Hindalco & Power Grid

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Devangshu Datta New Delhi

NIFTY
Current: 5,303 (July futures: 5,320);
Target: NA
The index has range-traded the past two sessions. A breakout could take it to 5,400 or till 5,200. Holding a bullspread of long 5,400c (50) and short 5,500c (22) still looks lucrative. Stop-loss short futures at 5,350 and stop-loss long futures at 5,250.

JINDAL STEEL & POWER
Current price: Rs 466;
Target price: Rs 490
The stock is likely to test resistance at Rs 470-475. If it can breakout, it would have a run till the Rs 490-495 level. Keep a stop at Rs 460 and go long. Add to the position between Rs 474 and Rs 478. Book profits above Rs 490.

 

DR. REDDY'S
Current price: Rs 1,642;
Target price: Rs 1,600
Heavy selling could have established a downtrend. The stock is likely to test support at Rs 1,620-1,630. If that breaks, it could drop till Rs 1,590-1,600. Keep a stop at Rs 1,660 and short. Add to the position between Rs 1,615 and Rs 1,625. Book profits below Rs 1,600.

HINDALCO
Current price: Rs 125.5;
Target price: Rs 129
If the stock crosses resistance at Rs 126, it could run till Rs 129-130. Keep a stop at Rs 123 and go long. Add to the position between Rs 126 and Rs 127. Book profits above Rs 129.

POWER GRID
Current price: Rs 113;
Target price: Rs 119
The stock is testing resistance close to its 52-week high of Rs 115. If it closes above Rs 116, it could run till the Rs 119-120 level. Keep a stop at Rs 111 and go long with a three-session timeframe. Add to the position between Rs 115 and Rs 116. Book profits above Rs 119.


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: Jul 05 2012 | 12:53 AM IST

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