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Today's picks: Bank Nifty, ITC, L&T, DLF

Source : BUSINESS_STANDARD
Last Updated: Tue, May 14, 2013 03:22 hrs
BSE Sensex seen opening lower, GDP data eyed

NIFTY
Current: 5,980 (Futures: 5,987);
Target: NA
This looks like an intermediate downtrend. Any bounce could hit resistance at 6,025 or 6,050. Keep a stop at 6,025 and short. Add to the position below 5,950. Book profits or partial profits at 5,900. A bearspread of long 5,900p (52) and short 5,800p (29) could double if 5,900 is hit.

BANK NIFTY
Current: 12,569 (Futures: 12,525);


Target: 12,325
The financial index could slide till the 12,275-12,325 mark or lower till 12,200. Assume a possible futures discount of 20-25 points or a nominal premium. Keep a stop at 12,650 and short. Add to the position between 12,450-12,500. Book profits below 12,325.

ITC
Current price: Rs 336;
Target price: Rs 325
Huge sell-off from Rs 354 levels. The stock could drop till Rs 320-325. Keep a stop at Rs 342 and go long. Add to the position between Rs 329 and Rs 332. Book profits at Rs 325. Or book partial profits and reset the stop-loss to Rs 327 with a new target of Rs 320.

LARSEN & TOUBRO
Current price: Rs 1,517;
Target price: Rs 1,450
The stock could drop till Rs 1,435-1,450. Keep a stop at Rs 1,545 and short. Add to the position between Rs 1,485 and Rs 1,500. Book profits below Rs 1,450.

DLF
Current price: Rs 232;
Target price: Rs 220
The stock has some support at Rs 227-229. If it breaks Rs 227, it could drop till Rs 219-220. Keep a stop at Rs 238 and short. Add to the position between Rs 223 and Rs 227. Book profits below Rs 220.

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