Step 1: Understanding the Concept:
Picric acid is 2,4,6-trinitrophenol. To add three nitro groups to the phenol ring, a strong nitrating mixture is required.
Step 2: Formula Application:
The nitrating mixture consists of concentrated nitric acid and concentrated sulphuric acid.
Step 3: Explanation:
Phenol is highly reactive due to the $-OH$ group. When treated with a mixture of conc. $HNO_3$ and conc. $H_2SO_4$, nitration occurs at both ortho positions and the para position simultaneously, yielding picric acid. If dilute $HNO_3$ were used, you would get a mixture of o-nitrophenol and p-nitrophenol instead.
Step 4: Final Answer:
The reagent is conc. HNO$_3$ + conc. H$_2$SO$_4$.