Today's picks

Nifty, ITC, Tata Motors & IDFC

NIFTY
Current: 5,852 (fut: 5,879)
Target: NA
The index looks bearish. A swing today could pull it down till 5,800 or push it back till the 5,900 mark. The future is at 30 points premium. Hold a strangle of long 6,000c (19) and long 5,700p (12), which could double in value on a big move in either direction.

ITC
Current price: Rs 295
Target price: Rs 287
The stock saw a sharp decline. It could drop till the Rs 285-287 level, which is the next support. Keep a stop at Rs 298 and go short. Add to the position between Rs 290 and Rs 292. Book profits below Rs 287.

TATA MOTORS
Current price: Rs 288
Target price: Rs 295
The stock jumped to Rs 290-291 before correcting slightly. A rise till Rs 295-296 is possible. Keep a stop at Rs 285 and go long. Add to the position between Rs 291 and Rs 293. Book profits above Rs 295.

IDFC
Current price: Rs 173
Target price: Rs 167
The stock had a bearish double-top at Rs 179-180. It could correct back till around Rs 165-167. Keep a stop at Rs 176 and short. Add to the position between Rs 169 and Rs 171.

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