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Aug 29, 2012, 09.10 AM IST
On CNBC-TV18's show Super Six, market gurus Manas Jaiswal of manasjaiswal.com, Rajesh Jain of Religare Securities and Shardul Kulkarni of Angel Broking, place their bets on two stocks each, thus offering investors a variety of options to choose from.
Power Grid witnessed 3 week long consolidation in the range of Rs 120-116 and now it has broken this range upside with decent volumes. So stock can test its 2009 high of Rs 130 in next 2-3 trading sessions. One can buy the stock at current levels with a stop loss of Rs 119.
Petronet LNG took support at 200 day moving average and bounced back sharply. Now stock has potential to break its recent high of Rs 155 and can test Rs 160 in next 2-3 trading sessions. One can buy it with a stop loss of Rs 149.
Rajesh Jain of Religare Securities
Buy Dr Reddys Lab . The stock has closed above a downward slopping trend line on the daily chart and is trading above its medium and long-term moving averages. This indicates that the stock is in strong hands and one may buy it around Rs 1685-1690 level which is its important support keeping a stop loss of Rs 1660 and target of Rs 1750.
Short IndusInd Bank . The stock has closed below its 100 day exponential moving average on the daily chart on Monday and yesterday it broke below its trend line support indicating further weakness in the near term. Short the stock around Rs 321-322 levels, which is resistance keeping a stop loss of Rs 327 and target of Rs 308.
Short Mahindra and Mahindra August Future. Although the daily chart structure of the stock is in a good strong higher top higher bottom cycle, we see an intermediate correction in case of Mahindra and Mahindra. And the probability is that the stock may test levels of Rs 750. Go short below the levels of Rs 771; place a stop loss at Rs 780 and target of Rs 750.
Short Maruti Suzuki August Future. Overall the auto space looks weak and the charts of Maruti also signal the possibility of testing the levels of Rs 1110. Keep a stop loss of Rs 1180 and sell below Rs 1160.
Tags: Manas Jaiswal of manasjaiswal.com, Rajesh Jain of Religare Securities, Shardul Kulkarni of Angel Broking, Power Grid, Petronet LNG, Dr Reddys Lab, IndusInd Bank, Mahindra and Mahindra, Maruti Suzuki
Action in Power Grid Corporation of India
May 23 2013, 16:33
- in Asian markets
May 23 2013, 09:33
- in Technicals