Super Six: Stocks you can bet on Jan 7th

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Super Six: Stocks you can bet on Jan 7th

On CNBC-TV18's show Super Six, market gurus Rajesh Jain of Religare Securities, Arunesh Madan of Augment Investment Pvt Ltd and Vishal Kshatriya of Edelweiss, place their bets on two stocks each, thus offering investors a variety of options to choose from.

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Excerpts from Bazaar on CNBC-TV18 Watch the full show » ALSO READ See what other Experts & Brokerages are saying about ITC See messages about ITC

On CNBC-TV18's show Super Six, market gurus Rajesh Jain of Religare Securities, Arunesh Madan of Augment Investment Pvt Ltd  and Vishal Kshatriya of Edelweiss, 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.

Rajesh Jain, EVP Retail Research, Religare Securities

ITC is trading in a symmetrical triangle on daily charts and recently it has tested the lower band of the triangle. Now it may break the pattern on the upside. Impressive volumes in last few sessions also support the breakout. One can go long at current market price with stop loss of Rs 196 and target of Rs 215.

Dr Reddys Laboratories after breaking out above the declining trendline from the top and its 200DMA on daily charts the stock has traded in range of Rs 1550-1610. One can buy at current level with stop loss of Rs 1550 and target of Rs 1720.

Arunesh Madan, Founder and Director of Augment Investment Pvt ltd

"In my opinion Reliance Industries has started a wave C of the corrective rally. There is a positive divergence on the RSI indicator. Momentum indicators have begun to move upward from an oversold zone. One can buy at Rs 708-712 with keeping stop loss below Rs 700 and target of Rs 740.

After makign a double bottom of Rs 125 Pantaloon Retail has given a bullish pattern on candelistic charts. This bullish pattern has come with heavy volumes. there is a postive divergence o0n the RSI indicator. One can buy at Rs 135-138 with keeping stop loss below Rs 130 and target of Rs 147.

Vishal Kshatriya, Sr.Derivative and Technical Analyst, Edelweiss

My first pick for the day is going short on DLF . The stock has broken its key support zone along with good volumes placed on its weekly charts. Besides this momentum oscillators on daily charts have also given a sell signal. OI data indicates aggressive short build up in the counter. I am expecting the stock to trade with a negative bias in days to come. Go short at current level with a target of Rs 162 and keeping stop loss above Rs 185.

My second pick for the day is going long on Hindalco Industries . The stock is trading near its resistance of Rs 120. Oscillators on daily charts have given a buy signal. I am expecting the stock to break the resistance level in days to come. Traders can go long above Rs 120 with a target of Rs 128 and stop loss below Rs 114.