Shardul Kulkarni of Angel Broking recommends buying Delta Corp above Rs 52, place a stop loss at Rs 49 and trade bullish for a target of Rs 60 over the next four-six trading sessions.
On CNBC-TV18's show Super Six, market gurus Shardul Kulkarni of Angel Broking, Rajesh Jain of Religare Securities and Gaurav Ratnaparkhi of Sharekhan, place their bets on two stocks each, thus offering investors a variety of options to choose from. Investors can read into the detailed analysis before agreeing to any or all the bets.
Shardul Kulkarni of Angel Broking
The first stock that we will recommend is a buy call with regards to Delta Corp. The overall chart structure on the daily as well as the weekly charts suggests that any move beyond the levels of Rs 52 is likely to attract significant buying in case of Delta Corp. As a result, we would recommend buying this stock above Rs 52, place a stop loss at Rs 49 and trade bullish for a target of Rs 60 over the next four-six trading sessions.
The second stock that we will recommend is a buy call with regards to Shriram Transport Finance Corporation. The placement of the momentum oscillators on the daily chart as well as a strong downward sloping trend-line breakout suggests further upside in case of Shriram Transport Finance. Buy the stock above Rs 655, place a stop loss at Rs 625 and trade bullish for a target of Rs 700 over the next six-eight sessions.
Rajesh Jain of Religare Securities
Aditya Birla Nuvo has rallied from Rs 1,000 till Rs 1,200 plus levels. Recent profit taking has been witnessed and the stock has retraced almost 61.8 percent on the daily charts. There are higher chances that the stock will bounce back sharply from the current support levels. One can buy the stock around Rs 1,100-1,110 levels keeping closing stop loss below Rs 1,090 for higher target of Rs 1,150 to be achieved in coming trading sessions.
Infosys has rallied close to 18 percent in the month of July 2013. Profit taking has been witnessed in most IT stocks in the past two trading sessions and Infosys was no exception. It seems that the recent rally has come to an end and profit taking might continue in the near-term as well. One can short sell the stock around Rs 2,980-2,990 levels keeping a closing stop loss of Rs 3,025 for lower target of Rs 2,850 to be achieved in coming trading sessions.
Gaurav Ratnaparkhi of Sharekhan
Jindal Steel & Power (JSPL) has formed an ending diagonal pattern on the daily charts which is panning over several weeks. As the name indicates the pattern is formed at the end of a move and in this particular case it marks an end of the multi-month decline. Also the daily momentum indicators that have been showing positive bias has given a fresh buy signal and in the last session stock has formed a bullish outside bar. It shows that bulls have taken the charge over. So the stock is poised for a decent bounce from short-term as well as medium-term perspective. From 2-3 days perspective stop loss will be placed at Rs 197.50 and target will be Rs 220.
Tata Consultancy Services (TCS) has been in a marvellous rally and that too without the support of the larger market. However, since last couple of sessions the stock is showing signs of exhaustion. In the last to last session the stock formed a doji pattern on the daily chart, which shows loss of momentum, whereas in the last session it has formed a bearish outside bar on the daily chart. Also the daily momentum indicator has been showing negative divergence for a while now. All these technical observations suggest that the stock is due for a short-term correction and one can sell August Futures with stop loss of Rs 1,868 for target of Rs 1,736 and timeframe will be 2-3 sessions.