Today's picks

Nifty, Axis Bank, DLF, ONGC & Ambuja Cement

NIFTY
Current: 5,116 (futures: 5,120);
Target: NA
The index continues to test resistance near the 5,125 level. A big session could take it till 5,200 or back down till 5,025. A long strangle of long 5,000p (52) and long 5,200c (55) is almost zero-delta. It could gain 15-20 on a swing and there are chances of profits at both ends.

AXIS BANK
Current price: Rs 1,058;
Target price: Rs 1,095
The stock is likely to test resistance at Rs 1,070-1,075. If it crosses Rs 1,075, it could rise till Rs 1,095-1,105. Keep a stop at Rs 1,040 and go long. Add to the position between Rs 1,075-1,080. Book profits above Rs 1,095. if it drops below Rs 1,040, the next support will be Rs 1,020.

DLF
Current price: Rs 198;
Target price: Rs 190
The stock has massive resistance between Rs 199-203. If it fails to break that, it could slide back till Rs 188-190. Keep a stop at Rs 202 and short. Add to the position between Rs 194-196. Book profits below Rs 190.

ONGC
Current price: Rs 261;

Target price: Rs 272
The stock may test resistance at Rs 262-265. If it breaks out, it could go till Rs 272-275. Keep a stop at Rs 257 and go long. Add to the position between Rs 265-268. Book profits above Rs 272.

AMBUJA CEMENT
Current price: Rs 158.5;
Target price: Rs 164
The stock seems to have made a breakout. It could run till a three-session target of Rs 164-166. Keep a stop at Rs 155 and go long. Add to the position between Rs 159-161. Book profits above Rs 164. If Rs 155 is broken, there may be a reaction till the Rs 149-150 level.

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