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Today's picks: Nifty, Axis Bank, IDFC, ITC, Cairn India

Source : BUSINESS_STANDARD
Last Updated: Wed, Sep 26, 2012 04:10 hrs
Diesel hike, QE3 boost Sensex, Nifty

NIFTY
Current: 5,674 (futures: 5,685)
Target: NA
The index barely moved on Tuesday. A swing today could take it till either 5,600 or 5,750. Stop loss short futures at 5,725 and stop loss long futures at 5,625. A long Sept 5,700c (21) could pay handsomely if the index strikes 5700.

AXIS BANK


Current price: Rs 1,102
Target price: Rs 1,035
The stock has support between Rs 1,090 and Rs 1,100. On the upside, it could pullback till Rs 1,035-1,050. Keep a stop at Rs 1,090 and go long. Add to the position between Rs 1,015 and Rs 1,025. Book profits above Rs 1,035.

IDFC
Current price: Rs 160.3
Target price: Rs 164
The stock hit a new 52-week high at Rs 162. If it crosses that, it could move till Rs 164-165. Keep a stop at Rs 157.5 and go long. Add to the position between Rs 161.5 and Rs 163. Book profits above Rs 164. If the stop is broken, a fall till Rs 154 is possible.

ITC
Current price: Rs 261
Target price: Rs 272
The stock could test resistance between Rs 267 and Rs 270 and maybe move close to its 52-week high of Rs 273. Keep a stop at Rs 257 and go long. Add to the position between Rs 263 and Rs 266. Book partial profits at Rs 270 and hold the rest for a target of Rs 272.

CAIRN
Current price: Rs 334
Target price: Rs 325
The stock tested support at Rs 323-325 and it could fall till that level again. Keep a stop at Rs 340 and go short. Add to the position between Rs 328 and Rs 330. Book profits below Rs 325.




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