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Today's picks- 24 May 2016

Nifty, Bank Nifty, ITC, PowerGrid & Cipla

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Devangshu Datta
Nifty
Current: 7,731 (futures: 7,739)
Target: NA

Stop-shorts at 7,800. Stop-long positions at 7,660. Big moves could go till 7,850, 7,600. A long 7,700p (11), long 7,800c (19) would breakeven at 7,670, 7,830 and it could make serious gains if there is one big session in the next three.

Bank Nifty
Current: 16,408 (fut: 16,395)
Target: NA

Stop-long positions at 16,300. Stop-short positions at 16,500. Big moves could go till 16,700, 16,100. Downtrend may continue.

ITC
Current price: Rs 347
Target price: Rs 340

Keep a stop at Rs 350 and go short. Add to the position between Rs 342 and Rs 344. Book profits at Rs 340.
 
PowerGrid
Current price: Rs 148
Target price: Rs 152

Keep a stop at Rs 146 and go long. Add to the position between Rs 150 and Rs 151. Book profits at Rs 152.

Cipla
Current price: Rs 497
Target price: Rs 490

Keep a stop at Rs 502 and go short. Add to the position between Rs 492 and Rs 494. Book profits at Rs 490.

Target prices, projected movements in terms of next session, unless otherwise stated

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First Published: May 24 2016 | 6:00 AM IST

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