Today`s picks

Nifty, Axis Bank, IDFC, ITC & Cairn

NIFTY
Current: 5,674 (futures: 5,685)
Target: NA
The index barely moved on Tuesday. A swing today could take it till either 5,600 or 5,750. Stop loss short futures at 5,725 and stop loss long futures at 5,625. A long Sept 5,700c (21) could pay handsomely if the index strikes 5700.

AXIS BANK
Current price: Rs 1,102
Target price: Rs 1,035
The stock has support between Rs 1,090 and Rs 1,100. On the upside, it could pullback till Rs 1,035-1,050. Keep a stop at Rs 1,090 and go long. Add to the position between Rs 1,015 and Rs 1,025. Book profits above Rs 1,035.

IDFC
Current price: Rs 160.3
Target price: Rs 164
The stock hit a new 52-week high at Rs 162. If it crosses that, it could move till Rs 164-165. Keep a stop at Rs 157.5 and go long. Add to the position between Rs 161.5 and Rs 163. Book profits above Rs 164. If the stop is broken, a fall till Rs 154 is possible.

ITC
Current price: Rs 261
Target price: Rs 272
The stock could test resistance between Rs 267 and Rs 270 and maybe move close to its 52-week high of Rs 273. Keep a stop at Rs 257 and go long. Add to the position between Rs 263 and Rs 266. Book partial profits at Rs 270 and hold the rest for a target of Rs 272.

CAIRN
Current price: Rs 334
Target price: Rs 325
The stock tested support at Rs 323-325 and it could fall till that level again. Keep a stop at Rs 340 and go short. Add to the position between Rs 328 and Rs 330. Book profits below Rs 325.

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