Today's picks

Nifty, Reliance Communications, NTPC, NMDC & Bank of India

NIFTY
Current: 5,609 (futures: 5,602);
Target: NA
Little net change after a choppy session. Today, the index could move between 5,650 and 5,750 with possible breakouts till 5,500 or 5,700. Stop-long positions at 5,650 and stop-loss shorts at 5,750. A smart trader could gain from both ends of a strangle of long 5,500p (7) and long 5,700c (7) if it's a big swing session.

RELIANCE COMMUNICATIONS
Current price: Rs 117.35;
Target price: Rs 121.5
The stock bounced from Rs 110-111. It could test resistance at Rs 121-122. Keep a stop at Rs 115 and go long. Add to the position between Rs 119 and Rs 120. Book profits above Rs 121.5. If Rs 115 is broken, the stock will probably slide till Rs 111-112.

NTPC
Current price: Rs 138;
Target price: Rs 133
The stock hit a new 52-week low at Rs 136.15. It could fall further till around the Rs 132-133 mark. Keep a stop at Rs 141 and go short. Add to the position between Rs 135 and Rs 136. Book profits at Rs 133. On the upside, if Rs 141 is broken, the stock could bounce till Rs 145.

NMDC
Current price: Rs 100.35;
Target price: Rs 95
New 52-week low at Rs 98-99. The next target could be Rs 94-95. Keep a stop at Rs 102 and short. Add to the position between Rs 97 and Rs 98. Book profits at Rs 95.

BANK OF INDIA
Current price: Rs 222.5;
Target price: Rs 213
New 52-week low at Rs 220-221. The next target could be Rs 212-213. Stop-loss at Rs 227 and short. Add to the position between Rs 219 and Rs 220. Book profits below Rs 213. A bounce could go till Rs 232.

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