Today's picks: 16 January, 2017

Nifty 
Current: 10,741 (fut: 10,745)

Target: NA
Stop-long positions at 10,675. Stop-short positions at 10,825. Big moves could go till 10,875, 10,650. A long 10,700p (54), short 10,600p (32) could gain 15-20 if there's a pullback till 10,700.

Bank Nifty       
Current: 26,069  (futures: 26,045)

Target: NA  
Stop-long positions at 25,950. Stop-short positions at 26,150. Big moves could go till 26,350, 25,700. Backwardation in futures suggests some downside bias.

Tata Steel          
Current price: Rs 783
Target price: Rs 796
Keep a stop at Rs 775 and go long. Add to the position between Rs 791 and Rs 794. 
Book profits at Rs 796.

Ambuja Cements   
Current price: Rs 277   
Target price: Rs 282
Keep a stop at Rs 274 and go long. Add to the position between Rs 280 and Rs 281. Book profits at Rs 282.

ONGC          
Current price: Rs 197  
Target price: Rs 192
Keep a stop at Rs 200 and go short. Add to the position between Rs 193 and Rs 194. Book profits at Rs 192.


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