Today's picks

Nifty, Bank Nifty, Coal India, IDFC & ITC

NIFTY
Current: 5,835 (futures: 5,850)
Target: NA
Support held at 5,810. Resistance held at 5,850. Futures premium is at 15-20. The session today could be fairly volatile with likely limits of 5,750 and 5,900. Stop-loss shorts at 5,875 and stop-loss long positions at 5,770.

BANK NIFTY

Current: 11,735 (futures: 11,784)
Target: NA
The financial index looks to be bearish unless the Reserve Bank of India cuts repo by 50 basis points. It will be a volatile session. The BankNifty may move till either 11,450 or 12,000 with futures premium held between 35 and 75 points. Credit policy apart, there may be fresh news on the money-laundering sting. Stop-loss long positions at 11,625 and stop-loss shorts at 11,900.

COAL INDIA
Current price: Rs 302;
Target price: Rs 290
The stock saw a big selloff on disinvestment news. It could bounce back till Rs 309 or move down to test its 52-week low of Rs 288-289 and if that breaks, it could fall till an initial target of Rs 280-282. Keep a stop at Rs 306 and short. Add to the position between Rs 295 and Rs 299. Book profits or partial profits at Rs 290.

IDFC
Current price: Rs 152;
Target price: Rs 144
Support at Rs 151 and Rs 149. If these supports break, the stock may drop till Rs 142-144. Keep a stop at Rs 156 and short. Add to the position between Rs 147 and Rs 149. Book profits below Rs 144.

ITC
Current price: Rs 304;
Target price: Rs 310
The stock is testing resistance at Rs 305-306. A breakout above Rs 307 would test resistance at Rs 310 near the 52- week high. Keep a stop at Rs 300 and go long. Add to the position between Rs 307 and Rs 309. Book partial profits at Rs 310 and hold the rest for a potential target of Rs 315-316.

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