Today's picks

Nifty, Axis Bank, ITC, Bajaj Auto & Larsen & Toubro

NIFTY
Current: 4,870 (May futures: 4,852) Target: NA
The index could swing between 4,775 and 4,975 today. Stop-loss shorts at 4,935. Stop-loss long positions at 4,825. Hold the bearspread of long 4,900p (110) and short 4,800p (63). Also consider a strangle of long 5,100c (10) and long 4,700p (34) to hedge a big move.

AXIS BANK
Current price: Rs 951
Target price: Rs 910
The stocks seems to be in a strong downtrend. It could fall till Rs 910-920 in the next two or three sessions. Keep a stop at Rs 970 and go short. Add to the position between Rs 930 and Rs 945. Book profits at Rs 920. If Rs 970 is broken, a rise till Rs 1,010 is possible.

ITC
Current price: Rs 235
Target price: Rs 243
The stock may have an upside till Rs 242-245. Keep a stop at Rs 229 and go long. Add to the position between Rs 237 and Rs 240. Book profits above Rs 243.

BAJAJ AUTO
Current price: Rs 1,575
Target price: Rs 1,530
The stock should test support at Rs 1,520-1,530. Keep a stop at Rs 1,595 and go short. Add to the position between Rs 1,545 and Rs 1,560. Book profits at Rs 1,530.

LARSEN & TOUBRO
Current price: Rs 1,164
Target price: Rs 1,115
The stock could test support at Rs 1,100-1,115 if the downtrend persists. Keep a stop at Rs 1,190 and go short. Add to the position between Rs 1,140 and Rs 1,155. Start booking profits at Rs 1,115. If it breaks Rs 1,190, it could bounce till Rs 1,225.

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