Today's picks

Nifty, Tata Steel, Bharti Airtel, Mahindra & Mahindra & Axis Bank

NIFTY
Current: 5,939 (futures: 5,964);
Target: NA
The downtrend continued. Key support was tested at 5,930. A drop below 5,920 could mean a dip till 5,875. A bounce will hit resistance at 5,975-5,990. Futures premium has increased to 25, which may mean a pullback on short-covering. The bearspread of long 5,900p (48) versus short 5,800p (23) continues to look attractive.

TATA STEEL
Current price: Rs 390;
Target price: Rs 380
A one-month low could trigger a pullback till the Rs 375-380 level. Keep a stop at Rs 396 and short. Add to the position between Rs 385 and Rs 388. Book profits below Rs 380.

BHARTI AIRTEL
Current price: Rs 320;
Target price: Rs 310
The stock hit a one-month low and the downtrend could test support at Rs 305-310. Keep a stop at Rs 324 and short. Add to the position between Rs 312 and Rs 315. Book profits at Rs 310.

MAHINDRA & MAHINDRA
Current price: Rs 897;
Target price: Rs 915
The stock has maintained an uptrend. Keep a stop at Rs 885 and go long. Add to the position between Rs 900 and Rs 910. Book profits above Rs 915.

AXIS BANK
Current price: Rs 1,461;
Target price: Rs 1,490
The stock seems to have found support at Rs 1,450 and it could, move up again till the Rs 1,490-1,500 levels. Keep a stop at Rs 1,445 and go long. Add to the position between Rs 1,465 and Rs 1,480. Book profits above Rs 1,490.

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