Today's picks: Nifty, Tata Steel, Cairn India, BHEL, Bharti Airtel

NIFTY
Current: 5,335 (February futures: 5,358);
Target: NA
The index closed weak. One session swings could take it till 5,225, or 5,425. Stop-loss long positions at 5,275 and stop-loss shorts at 5,375. Hold the prior recommendation of a bearspread of long 5,300p (76) and short 5,200p (47), which stands to gain 15-25 if there's a big drop.

TATA STEEL
Current price: Rs 451;
Target price: Rs 435
There was quite a lot of selling and if this downtrend continues, the next support would be Rs 435. Keep a stop at Rs 460 and go short. Add to the position between Rs 440 and Rs 445. Start booking profits below Rs 435.

CAIRN INDIA

Current price: Rs 366;
Target price: Rs 385
The stock is testing resistance at around Rs 370-375 near its 52-week high. A breakout could take the stock to somewhere between Rs 385 and Rs 390. Keep a stop at Rs 359 and go long, with a three sessions timeframe. Add to the position between Rs 373 and Rs 377. Start booking profits above Rs 385.

BHEL
Current price: Rs 259;
Target price: Rs 235
The stock seems to have made a downwards breakout. If it drops below support at Rs 257, it could fall all the way till Rs 230-235 in the next three sessions. Keep a stop at Rs 265 and go short. Add to the position between Rs 250 and Rs 255. Start booking profits below Rs 235.

BHARTI AIRTEL
Current price: Rs 379;
Target price: Rs 365
The stock has seen the start of a correction, which could continue today with results. Keep a stop at Rs 384 and go short. Add to the position between Rs 370 and Rs 374. Start booking profits below Rs 365. If Rs 384 is broken, the stock could bounce till Rs 392.