Today's picks

Nifty, Bank Nifty, Tata Steel, Reliance Industries & Bharti Airtel

NIFTY
Current: 5,642 (fut: 5,635);
Target: NA
The index looks bearish but there could be a bounce on short-covering. Support at 5,610, resistance at 5,665. Breakouts could go till 5,575 or 5,710. Stop-loss shorts at 5,670 and stop-loss long positions at 5,600.

BANK NIFTY
Current: 11,163 (fut: 11,165);
Target: 10,975
The financial index is in a strong downtrend. The futures premium is nominal. Keep a stop at 11,225 and short. Add to the position between 11,025 and 11,075. Book profits below 10,975.

TATA STEEL
Current price: Rs 306;
Target price: Rs 295
The stock hit a new 52-week low at Rs 305. It has fallen continuously from Rs 360-levels. The next target could be Rs 290-295. Keep a stop at Rs 314 and short. Add to the position between Rs 301 and Rs 305. Book profits below Rs 295.

RELIANCE INDUSTRIES
Current price: Rs 783;
Target price: Rs 765
The stock hit a three-month low at Rs 780. It could slide till the Rs 760-765 levels. Keep a stop at Rs 795 and short. Add to the position between Rs 773 and Rs 779. Book profits at Rs 765.

BHARTI AIRTEL
Current price: Rs 297;
Target price: Rs 291
The stock has huge resistance between Rs 295 and Rs 300. It is likely to correct back down till around the Rs 289-291 levels. Keep a stop at Rs 300 and short. Add to the position between Rs 293 and Rs 295. Book profits below Rs 291.

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