Today's picks

Nifty, DLF, PowerGrid, HCL Tech & LIC Housing

NIFTY
Current: 5,660 (Futures: 5,665);
Target: NA
Hardly any movement yesterday. A swing today could push the index till 5,575 or 5,725. Stop loss long futures at 5,625 and stop loss shorts at 5,690. A long 5,600p (24) and short 5,500p (18) may still be worth holding. It costs 6 and would gain 20-25 if the 5,600 level is struck.

DLF
Current: Rs 201;
Target: Rs 195
The downtrend continues and a test of support at Rs 193-195 levels is likely. It could fall further, till Rs 189. Keep a stop at Rs 206 and go short. Add to the position between Rs 197 and Rs 199. Book profits or partial profits below Rs 195.

POWERGRID
Current: Rs 120;
Target: Rs 123
The stock is likely to test resistance near its 52-week high at Rs 123-125. Keep a stop at Rs 118 and go long. Add to the position between Rs 121 and Rs 122. Book profits above Rs 123.

HCL TECH
Current: Rs 580;
Target: Rs 595
The stock hit a new 52-week high at Rs 606 and then saw a lot of selling. It has key support at Rs 575-580. If it drops below Rs 575 it could fall till Rs 555-560. If the support holds, it may test Rs 595-600. Keep a stop at Rs 574 and go long. Book profits above Rs 595.

LIC HOUSING
Current: Rs 251;
Target: Rs 242
There's support at Rs 246-248. If that breaks, the stock could slide till Rs 240-242. Keep a stop at Rs 254 and go short. Add to the position between Rs 244 and Rs 246. Book profits below Rs 242.

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