Today's picks

Nifty, Dr Reddy's, Axis Bank, Jindal Steel & Power & NMDC

NIFTY
Current: 5,919 (futures: 5,936);
Target: NA
Futures premium remains at 15-20. The index continued to slide slowly, holding above support at 5,900. If that breaks, a dip till 5,850 is possible. On the upside, there's resistance at 5,985. Stop-loss long positions at 5,890 and stop-loss shorts at 5,985. Hold the bearspread of long 5,900p (84) and short 5,800p (50) - it could gain another 15 if the index falls below 5,875.

DR REDDY'S
Current price: Rs 2,157;
Target price: Rs 2,230
The stock hit a 52-week high at Rs 2,165. The next short-term target could be Rs 2,230-2,235. Keep a stop at Rs 2,120 and go long. Add to the position between Rs 2,165 and Rs 2,190. Book profits or partial profits above Rs 2,230.

AXIS BANK
Current price: Rs 1,395;
Target price: Rs 1,365
The stock could drop to Rs 1,355-1,365 or lower, till Rs 1,325-1,335. Keep a stop at Rs 1,425 and short. Add to the position between Rs 1,375 and Rs 1,385. Book partial profits at Rs 1,365. Reset the stop-loss to Rs 1,385 and the residue for a target of Rs 1,335.

JINDAL STEEL & POWER
Current price: Rs 285;
Target price: Rs 272
The stock could test its 52-week low at Rs 281-282. If that breaks, it may till Rs 270-272. Keep a stop at Rs 291 and short. Add to the position between Rs 279 and Rs 281. Book profits below Rs 272. If Rs 291 is broken, the bounce could go till Rs 296.

NMDC
Current price: Rs 116;
Target price: Rs 110
The stock is hovering above its 52-week low of Rs 114-115. If it drops below Rs 114, it could fall till Rs 109-110. Keep a stop at Rs 119 and short. Add to the position between Rs 113.5 and Rs 114.5. Book profits below Rs 110.

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