Today's picks

Nifty, Gail, Jindal Steel & Power, Axis Bank & Tata Power

NIFTY
Current: 5,857 (futures: 5,863)
Target: NA
The index could see further declines on Wednesday. Stop loss long positions at 5,800 and stop loss shorts at 5,910. Breakouts or breakdowns could go till 5,750 and 5,950. A deep bearspread of long 5,700p (46) and short 5,600p (27) costs 19 and it could double on a big downturn.

GAIL
Current: Rs 332.5 ;
Target: Rs 339
Keep a stop at Rs 328 and go long. Add to the position between Rs 335 and Rs 337. Book profits above Rs 339. If Rs 328 is broken, the stock could fall till Rs 320.

JINDAL STEEL & POWER
Current: Rs 214;
Target: Rs 200
Keep a stop at Rs 221 and short. Add to the position between Rs 205 and Rs 210. Book profits below Rs 200. A bounce beyond Rs 221 could go till Rs 226.

AXIS BANK
Current: Rs 1,308.5;
Target: Rs 1,280
Keep a stop at Rs 1,321 and short. Add to the position between Rs 1,295 and Rs 1,305. Book profits below Rs 1,280.

TATA POWER
Current: Rs 86.7;
Target: Rs 83.5
Keep a stop at Rs 89 and short. Add to the position between Rs 84.5 and Rs 86. Book profits below Rs 83.5. If Rs 89 is broken the stock could recover till Rs 91.

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