Today's picks

NIFTY, IDBI, CAIRN, INFOSYS & STERLITE

NIFTY
Current: 5,179 (March futures: 5,232);
Target: NA
The index dropped below the 200-Day Moving Average. A rally may push it up till 5,275-plus. More selling could push it down till 5,075.

Stop-loss shorts at 5,250 and stop-loss long positions at 5,125. A bearspread of long 5,100p (84) and short 5,000p (59) could double in value on a drop.

IDBI
Current price: Rs 103;
Target price: Rs 98
The stock recovered from Rs 97-98 on short covering. With that trigger absent, it could test that support again and settle lower.

Keep a stop at Rs 105 and go short. Add to the position between Rs 99 and Rs 101. Book profits below Rs 98.

CAIRN
Current price: Rs 336;
Target price: Rs 325
The stock is likely to test support at Rs 320-325. It could bounce back till Rs 345-350. Keep a stop at Rs 342 and go short. Add to the position between Rs 332 and Rs 335. Book profits at Rs 325. If Rs 343 is broken, consider going long with a target of Rs 350.

INFOSYS
Current price: Rs 2,792;
Target price: Rs 2,675
There was a selloff at settlement. The stock is likely to test support between Rs 2,740 and Rs 2,770. If it drops below Rs 2,740, a fall till Rs 2,650-2,675 is likely. Keep a stop at Rs 2,825 and short with a three-session timeframe. Add to the position between Rs 2,720 and Rs 2,740. Book profits below Rs 2,675. If you have a one-session timeframe, book profits at Rs 2,760.

STERLITE
Current price: Rs 109;
Target price: Rs 102
Short covering pulled the stock back from a low of Rs 106. The new settlement could see a fall till Rs 101-102. Keep a stop at Rs 112 and short. Add to the position between Rs 104 and Rs 106. Book profits at Rs 102.

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