Today's picks

ICICI Bank,Reliance Ind,DLF & Reliance Comm

NIFTY
Current: 5,318 (April futures: 5,358);
Target: NA
The index looks mildly bullish and it could open slightly higher today. A big swing may move it till either 5,200, or 5,425. Stop-loss short positions at 5,400 and stop-loss long positions at 5,250. A strangle of long 5,200p (50) and long 5,500c (44) could gain 20-25 on a big move.

ICICI BANK
Current price: Rs 890;
Target price: Rs 865
The stock is likely to react down to the Rs 865 level but it might test resistance between Rs 900 and Rs 905 first. Keep a stop at Rs 900 and short. Add to the position between Rs 875 and Rs 880. Book profits below Rs 865. If Rs 905 is broken, it could rise till Rs 920.

RELIANCE INDS
Current price: Rs 740;
Target price: Rs 755
The stock could test resistance at Rs 755. If it breaks that, it might rise till around Rs 770. Keep a stop at Rs 730 and go long. Add to the position between Rs 745 and Rs 750. Book profits at Rs 755 or book partial profits and hold the reduced position for a target of Rs 770.

DLF
Current price: Rs 208;
Target price: Rs 212
The stock is likely to test resistance at around Rs 212-213. Keep a stop at Rs 204 and go long. Add to the position between Rs 209 and Rs 211. Start booking profits above Rs 212. If it drops below Rs 204, it could slide till Rs 199.

RELIANCE COMMUNICATIONS
Current price: Rs 86;
Target price: Rs 89
The stock could rise till Rs 89-90 and perhaps, till Rs 93-94. Keep a stop at Rs 84 and go long. Add to the position between Rs 86.5 and Rs 87.5. Book profits above Rs 89, or book partial profits and hold the reduced position with a target of Rs 93.

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