Market update and stock picks for 24th April

Today is FnO expiry day. We can expect considerable volatility in the market signalling false breakouts and breakdowns. Trade lightly on expiry day. NIFTY as said earlier, is finding it difficult to cross 5070 and 5100 levels. A close above this can take us to 5300/5400 levels in the may series. We will wait and see if this happens. Stock picks for today

SRF - 140 is getting very difficult to cross. One can BUY srf above 140 for a target of 147 - 149. Do not rush to buy and wait for this levels to come
ADLABS - This has still not closed above 730. A close above 730 will take this to 780+ in coming days.
ITC - All set to breakout soon. BUY above 216 for a target of 226.

Note: We have a positional long on RPL for a target of 206+ Position was initiated yesterday.

Two of index heavyweights, reliance and SBI are looking weak so be cautious on every upmove, these scrips have the capacity to pull market down.