Aug 07, 2012, 09.08 AM IST
On CNBC-TV18's show Super Six, market gurus Manas Jaiswal, Technical Analyst, manasjaiswal.com, Rajesh Jain, EVP Retail Research, Religare Sec and Rakesh Gandhi, Sr Technical Analyst, LKP, place their bets on two stocks each, thus offering investors a variety of options to choose from.
My first pick is Tata Motors . After taking support near to 50% retracement level of the recent rally, the stock bounced back sharply and broke the resistance of Rs 229 with higher volumes. So now the stock can test its 200 day moving average which is placed at Rs 239. One can buy the stock at current levels with a stop loss of Rs 224.
My second pick is Power Grid . The stock is consistently making higher tops and higher bottoms on the daily charts and yesterday it broke the resistance of Rs 120. So now the stock can test Rs 125. One can buy the stock at current levels with a stop loss of Rs 118.50.
Rajesh Jain, EVP Retail Research, Religare Sec
Mahindra and Mahindra has taken good support on Friday near Rs 680 level and now on the intraday chart has formed an inverted head and shoulder formation. One can buy the stock near Rs 691 levels keeping a closing stop loss of Rs 685 for target of Rs 710.
Wipro has been underperforming the market along with IT sector and now the stock has taken a counter-rally towards Rs 350 levels. One can go short in Wipro near Rs 348 levels keeping a closing stop loss of Rs 353 for target of Rs 335.
My first pick for the day is Reliance Capital . The stock has seen a very sharp decline from the level of Rs 386. While it was falling it has formed a falling channel pattern and last week it has seen a breakout from that pattern. Yesterday the stock has seen a good upward momentum with very good volumes and it has also crossed the critical level of Rs 340 which was acting as a resistance for the stock. Now the stock can see higher levels and hence can be bought for a target of Rs 368 with a stop loss of Rs 340.
My second pick for the day is Lovable Lingerie . The stock has been making higher highs and higher lows. Yesterday the momentum activity picked up and it has seen good volumes. Yesterday it has also trended above a falling trend line and now if it manages to sustain above Rs 342, the momentum would further increase and could see higher levels and hence can be bought for a target of Rs 360 with a stop loss of Rs 329.
Action in Tata Motors
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