Today's picks

Nifty, JP Associates, Larsen & Toubro, Ranbaxy & YES Bank

NIFTY
Current: 4,855 (futures: 4,852);
Target: NA
Little net movement and futures at nominal discount. The index is bearish. It hit a new 2013 low. Today, the session limits could be 5,800 and 5,900. Stop-loss long positions at 5,825 and stop-loss shorts at 5,885. A long 5,800p (30) and short 5,700p (9) could gain 10-15 if 5,800 is struck.

JP ASSOCIATES
Current price: Rs 68;
Target price: Rs 65
The stock hit a three-month low on high volumes. A fall till Rs 64-65 is possible. Keep a stop at Rs 70 and go short. Add to the position between Rs 66.5 and Rs 67.5. Book profits below Rs 65.

LARSEN & TOUBRO
Current price: Rs 1,402;
Target price: Rs 1,360
The stock hit a three-month low on high volumes. It could slide further, till the Rs 1,350-1,360 levels. Keep a stop at Rs 1,420 and go short. Add to the position between Rs 1,385 and Rs 1,400. Book profits below Rs 1,360.

RANBAXY
Current price: Rs 434;
Target price: Rs 445
A big jump on high volumes. The stock has successive resistance between Rs 440, Rs 445 and Rs 455. Keep a stop at Rs 430 and go long. Add to the position between Rs 437 and Rs 440. Book profits or partial profits at Rs 445.

YES BANK
Current price: Rs 479;
Target price: Rs 505
Testing key support at Rs 475-480. A bounce till Rs 505-510 is possible in the next two-three sessions. Keep a stop at Rs 474 and go long. Add to the position between Rs 495 and Rs 500. Book profits above Rs 505. If Rs 474 is broken, a fall till Rs 460 is likely.

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