Today's picks

Nifty, Bank Nifty, Bharti Airtel, IDFC & JP Associates

NIFTY
Current: 5,990 (futures: 6,004);
Target: NA
The index could slide further. Use 6,035 and 5,965 as stop losses for short and long positions, respectively. Breakouts could go till 6,075 or 5,900. A long July 5900p (2) and long 6100c (2) is cheap though unlikely to be hit. It could triple on a move of 50 points.

BANK NIFTY
Current price: 10,720 (fut: 10,723);
Target price: 10,300
The index could fall till 10,300-10,350 in the next two sessions and test the 52-week low of 9,800-9,825 inside five sessions. Volatility is guaranteed due to expiry and the monetary policy. Keep a stop at 11,100 and short Aug futures (10,805) with an initial target of 10,300. Or else buy the August 10,500c (250) and sell the 10,000c (125).

BHARTI AIRTEL
Current price: Rs 337.5;
Target price: Rs 343
Keep a stop at 334 and go long. Add to the position between Rs 339 and Rs 340. Book profits above Rs 343. If Rs 334 is broken, the stock could fall till Rs 329-330.

IDFC
Current price: Rs 117.5;
Target price: Rs 112
New 52-week low at Rs 116-117. Keep a stop at Rs 121 and short. Add to the position between Rs 115 and Rs 117. Book profits below Rs 112.

JP ASSOCIATES
Current price: Rs 47.25;
Target price: Rs 44.5
New 52-week low at Rs 46.65. Keep a stop at Rs 48.5 and short. Add to the position between Rs 45.5 and Rs 46.5. Book profits below Rs 44.5

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