Today's picks

Nifty, ITC, IDFC, L&T & YES Bank

NIFTY
Current: 5,055 fut: 5,051);
Target: NA
The short-term trend broken down. A move till 4,975 is possible. A correction could take the index back till 5,125. A long strangle of long 5,000p (76) and long 5,200c (36) remains worth holding. A bearspread of long 5,000p and short 4,900p (48) costs 28 and it could gain 15-20 per cent if 4,975 is hit.

ITC
Current: Rs 245;
Target: Rs 252
The stock could test resistance near the 52-week high between Rs 252-255. Keep a stop at Rs 241 and go long. Add to the position between Rs 248-250. Book profits above Rs 252

IDFC
Current: Rs 129;
Target: Rs 121
A sharp correction could continue till the Rs 117-120 level. Keep a stop at Rs 134 and short. Add to the position between Rs 125-127. Book profits below Rs 121.

L&T
Current: Rs 1,297;
Target: Rs 1,265
A change in the trend could mean the stock will test support at Rs 1,255-1,265. It could fall further till Rs 1,210-1,220. Keep a stop at Rs 1,320 and short. Add to the position between Rs 1,280-1,290. Book profits below Rs 1,265.

YES Bank
Current: Rs 332;
Target: Rs 323
The stock could test support between Rs 320-323 and if that breaks, it might fall till Rs 305-310. Keep a stop at Rs 338 and short. Add to the position between Rs 327-330. Book profits or partial profits at Rs 323.

 

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