Today's picks

NIFTY
Current: 5,046 (Jan Futures: 5,052);
Target: NA

The market stayed flat and range-bound. A big swing session, or two, could push it till either 4,900, or 5,200. Chances of volatility rising is likely due to the Reserve Bank of India credit policy and the settlement. A good position could be the zero-delta, long 5,000p(20) and long 5,100c(20). This could double in value if either breakeven of 4,980, or 5,120 is passed.

AXIS BANK
Current price: Rs 995;
Target price: Rs 975

The stock saw a selloff and ended weak. It could fall till around Rs 970-975 before it finds support. However, if it rises above Rs 1,005, it could bounce till Rs 1,020. Keep a stop at Rs 1,005 and go short. Add to the position between Rs 980 and Rs 990. Start booking profits below Rs 975.

HINDALCO
Current price: Rs 136;
Target price: Rs 131

The stock could slide till it tests support at around Rs 129-132. Keep a stop at Rs 139 and go long. Add to the position between Rs 133 and Rs 135. Start booking profits below Rs 131.

DLF
Current price: Rs 220;
Target price: Rs 226

The stock made a small breakout, which could push it till Rs 226-230. It could also fall back till around the Rs 214 mark. Keep a stop at Rs 216 and go long. Add to the position between Rs 222 and Rs 224. Start booking profits above Rs 226.

RELIANCE INDUSTRIES
Current price: Rs 772;
Target price: Rs 755

The stock has solid support at Rs 755 but it is likely to test that if the slide continues. On the upside, there’s resistance at Rs 780. Keep a stop at Rs 780 and go short. Add to the position between Rs 765 and Rs 770. Start booking profits below Rs 755. If Rs 780 is broken, the stock could bounce till Rs 790.

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