Today's picks

Nifty, Bank Nifty, DLF, Reliance Industries & Tata Power

NIFTY
Current: 5,341 (futures: 5,329);
Target: NA
Look very bearish with possible downside till 5,175-5,200. Stop loss shorts at 5,425 where a bounce will hit resistance. Stop-loss long positions at 5,300. A long 5,200p (124) and short 5,100p (95) costs 30 net and it could double if 5,200 is struck.

BANK NIFTY

Current price: 8,664 (fut: 8,675);
Target price: 8,400
Massive downmove yesterday should continue but expect extreme volatility. Keep a stop at 8,800 and short. Add to the position between 8,600 and 8,625.

DLF
Current price: Rs 127.3;
Target price: Rs 121
Keep a stop at Rs 130 and short. Add tio the position at Rs 123.5-125. Book profits below Rs 121. if it breaks Rs 130, it may move till Rs 134.

RELIANCE INDUSTRIEs
Current price: Rs 831;
Target price: Rs 805
Keep a stop at Rs 840 and short. Add to the position between Rs 815 and Rs 825. Book profits below Rs 805.

TATA POWER
Current price: Rs 71.95 ;
Target price: Rs 68.5
Keep a stop at Rs 73.5 and short. Add to the position between Rs 69.5 and Rs 70.5. Book profits or partial profits at Rs 68.5.

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