Today's picks

New Delhi : NIFTY Current: 5,118 (Fut: 5,133) Target: NA The index continues to look bearish. It could test support between 5,000-5,050 today and it has a possible target of 4,800 in the next five sessions. Upside resistance starts at 5,170-5,200. A long strangle of long 5,300c (52) and long 4,900p (61) costs 113 and it can be laid off with a short 5,400c (28) and short 4,800p (41) for a net cost of 44. Breakevens at 4,866, 5,344 and a maximum one-sided payoff of 56.