guys I have created an excel based on the formulas by jmalhotra. u just have to enter prev high,prv lo, prv close and today open it will give u targets. stop loss should be as per ur risk appetite. I would recommend +-1%. I have kept a basket of 12 stocks. I may not be as good as jaytrader in stock picking and u can change the stocks as per ur requirements.
http://www.4shared.com/file/I9LvG4yX/hi-lo.html