6 intraday picks to make smart gains

Rajesh Jain, EVP Retail Research at Religare Sec

Hindalco Industries has retested important support and formed a reversal candlestick pattern on the daily chart. With an oversold market and monthly clearing cut yesterday such a stock can give a good bounce. One may buy the stock at current market price keeping a closing stop loss of Rs 113 for the target of Rs 120.

Bank of Baroda has tested crucial support zone of 200 day exponential moving average on the weekly chart yesterday and has rebounded swiftly from there. One can buy the stock at current price keeping a closing stop loss of Rs 660 for the target of Rs 680.

Rakesh Gandhi, Sr Technical Analyst at LKP

State Bank of India has formed a double top formation having a neckline at Rs 2,060. Yesterday during the trade it was broken and hence the probability of going down has increased. Stock could see some support at Rs 1,975 but the formation has an impendent target of Rs 1,900 and hence can be shorted with a stop loss of Rs 2,070 for a target of Rs 1,900.

Bombay Dyeing has formed rising wedge formation. Before few days it saw a breakdown from this rising wedge pattern. Now it has once again formed a pennant which is very small and also seen a breakdown from this pennant formation increasing the bearishness hence can be shorted for a target of Rs 440 with a stop loss of Rs 510.

Shardul Kulkarni, Angel Broking

The first stock that we will recommend today is a buy call in case of Financial Technologies . The chart structure suggests that the stock has taken support near Rs 685 and the daily chart formation suggests a Tri-Star Doji formation. Thus we recommend buying Financial Technologies in the range of Rs 700-705. The stop loss for the trade would be at Rs 684 and the expected target in the next 3 to 5 trading sessions is Rs 765.

Second stock for the day would be a sell call in case of Karnataka Bank . We expect that the stock should ideally test the levels of Rs 85-86 and take support at those levels. Thus we recommend going short in case of Karnataka Bank on every rise to Rs 96. The stop loss for the trade would be at Rs 100 expected target is at Rs 86.