Today's picks

Nifty, DLF, Cairn, Axis & Hindalco

NIFTY
Current: 4,750 (Futures: 4,753);
Target: NA
The index marked time again. Traders must wait for a big session. Price could move by a maximum swing to either 4,600 or 4,900 in a single session . Stop loss long futures at 4,700 and stop short futures at 4,800. Hold the long strangle of long 4,600p (56) and long 4,900c (49).It could rise by 15-20 if there's a big swing session.

DLF
Current: Rs 180;
Target: Rs 174
Continued selling is pushing the stock down towards its 52-week low of 173. Support between 173-175 is likely to be tested in the next two - three sessions. Keep a stop at 184 and go short. Add to the position between 176-178.Book profits below 174.

CAIRN
Current: Rs 339;
Target: Rs 360
The stock jumped on decent volumes. It has a potential three-session target in the range of 360-365. Keep a stop at 331 and go long. Add to the position between 345-350. Start booking profits above 360.

AXIS
Current: Rs 871;
Target: Rs 900
There's resistance at about 878-882. If that is beaten, Axis could rise till around the 900-level. On the downside, if it falls below 860, it ncould drop till 845. Keep a stop at 860 and go long. Add to the position between 883-887. Book profits above 900.

HINDALCO
Current: Rs 116;
Target: Rs 112
The stock hit resistance above 119 and it could react till around the 112-level, where there's primary support. If it's dip below 11, it will establish a new 52-week low and a further plunge is possible. Keep a stop at 118 and go short. Add to the position between 114-115. Start booking profits at 112.

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