Today's picks

Nifty, Axis Bank, IDFC,DLF & Cipla

NIFTY
Current: 5,184 (fut: 5,191);
Target: NA
The index tested support near its 200-Day Moving Average (DMA). If the DMA is broken, it could fall till 5,090. A rebound would hit resistance between 5,275-5,300. Stop-loss shorts at 5,250 and stop-loss long positions at 5,150. A strangle of long 5,100p (29) and long 5,300c (18) costs 47. It could gain 20-30 if either end if struck.

AXIS BANK
Current: Rs 1,125;
Target: Rs 1,075
The stock could test support at 1,100-1,110. If that breaks, it could fall till 1,075. Keep a stop at 1,150 and go short. Add to the position between 1,090-1,100. Start booking profits below 1,075

IDFC
Current: Rs 129;
Target: Rs 123
The stock may have a downside till around 122-123. Keep a stop at 131 and go short. Add to the position between 125-126.5. Start booking profits below 123. If 131 is broken, a rebound till 135 is possible.

DLF
Current: Rs 189;
Target: Rs 176
The stock has seen a sharp retraction. On a rebound it could rise till 201. A continuing downtrend would test support at 173-176. Keep a stop at 193 and short. Add to the position between 185-187. Start booking profits at 177.

CIPLA
Current: Rs 289;
Target: Rs 273
The stock is a sharp downtrend and it's difficult to set targets. it's likely to test support at around 270-274. Keep a stop at 296 and short. Add to the position between 282-286. Book profits at 273. A rebound will hit resistance between 298-302.

 

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