Today's picks

Nifty, Bank Nifty, Larsen & Toubro, DLF, IDFC

NIFTY
Current: 5,897 (futures: 5,794);
Target: NA
Budget plus settlement implies excess volatility. Nearest support is 5,750. Nearest resistance is 5,820. Breakouts could be 5,675 or 5,890. Stop-loss shorts at 5,845. Stop-loss long positions at 5,745. The intermediate trend is bearish. A long March 5,700p (53) and short 5,600p (30) could gain 15-20, if 5,700 is struck.

BANK NIFTY
Current: 11,931 (futures: 11,934);
Target: NA
The financial index could swing between 11,750 and 12,150. It has a bearish intermediate bias and is likely to open high and fall if the Budget is disappointing. Go long in the morning with a stop-loss at 11,850. Book profits above 12,075. Short with a stop-loss at 12,150 once the speech ends.

LARSEN & TOUBRO
Current price: Rs 1,410;
Target price: NA
The stock is highly Budget sensitive. Recent trend has been bearish until yesterday, when there was some speculative buying. The key support area is Rs 1,360-1,375 and a fall below Rs 1,360 could go till Rs 1,320. On the upside, a bounce till Rs 1,455-1,470 is possible. If you go long, stop-loss at Rs 1,370. If you short, stop-loss at Rs 1,440.

DLF
Current price: Rs 278;
Target price: Rs 295
The trend has been bullish. A breakout past Rs 283 on sops for the real estate or housing finance sector could take it till Rs 295-300. Downside, if support at Rs 267-268 breaks, the stock could fall till Rs 260-262 on tired bull-unloading. Keep a stop-loss at Rs 269 and go long. Add between Rs 283 and Rs 286. Book profits above Rs 295.

IDFC
Current price: Rs 157;
Target price: Rs 144
Sops for infrastructure would move the stock. IDFC hit a three-month low yesterday at Rs 150 and the trend is bearish. If Rs 150 breaks, it could fall till Rs 141-144. On the upside, a bounce till Rs 169-172 is possible. If you short, keep a stop-loss at Rs 165-166 and add to the position between Rs 148 and Rs 150.

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