Today's picks

Nifty, Wipro & IDFC

NIFTY
Current: 5,567 (July Fut: 5,566);
Target: NA
Range trading continues between 5,550-5,650 and expectations on breakout would continue to be 5,450 or 5,750. Downside breakouts seem more likely. The previous recommendation of a put butterfly of long 5,600p (72), two short 5,500p (2x31) and a long 5,400p (12) should be held. Net cost 22. Breakevens at 5,578, 5,422. Maximum gain of 78 at 5,500.

WIPRO
Current: Rs 399
Target: Rs 380
A bearish pattern of falling peaks and lows has been confirmed by a downside breakout. The support at Rs 375-380 may be tested if it breaks, the next target would be Rs 360. On a recovery, there's resistance at Rs 410. Keep a stop at Rs 405 and short. Add to the position between Rs 390-395. Book profits at Rs 380.

IDFC
Current: Rs 140
Target: Rs 134
The stock has started a reaction after hitting resistance at Rs 144. It could slide till the Rs 132-135 levels if support at the current Rs 139-140 is broken. Keep a stop at Rs 142 and short. Add to the position between Rs 137-139. Start booking profits at Rs 134.

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