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Jul 23, 2012, 09.50 AM IST
On CNBC-TV18's show Super Six, market gurus Manas Jaiswal, Technical Analyst at manasjaiswal.com, Rajesh Jain, EVP Retail Research at Religare Sec and Rakesh Gandhi, Sr Technical Analyst at LKP, place their bets on two stocks each, thus offering investors a variety of options to choose from.
Orchid Chemical is continuously making higher tops and higher bottoms for the daily chart. On Friday the stock broke the resistance of Rs 126 with higher volumes. So now the stock can test Rs 134 in next 1-2 trading sessions. One can buy the stock at current levels with a stop loss of Rs 124.
Buy Jubilant Foodworks . The stock was trading in the range of Rs 1250 to 1210 for last 7-8 trading sessions but on Friday it broke this range upside with higher volumes. So now the stock can test Rs 1295 in next 2-3 trading sessions. One can buy the stock at current levels with stop loss of Rs 1238.
Rajesh Jain, EVP Retail Research at Religare Sec
Short HDFC Bank . This stock has formed a rising which on the intraday chart which is bearish in nature and the stock is likely to witness a breakdown from the same. Accordingly one may go short between Rs 585-587 levels, which is its resistance and keep a closing stop loss of Rs 591 for the target of Rs 574.
Pantaloon has paused and formed a flag pattern on daily charts. On Friday the stock broke out from the flag pattern and crossed above its 200 day moving average resulting in a fresh buy signal. One may go long at current market price with closing below stop loss of Rs 186 for the target of Rs 202.
Rakesh Gandhi, Sr Technical Analyst at LKP
Buy call on Jubilant Foodworks , the stock has been consolidating in last two months and has formed a symmetrical triangle formation in last two months. On Friday it has seen a breakout from this pattern and with supporting good volumes. I believe in next 6-8 weeks it could see levels of Rs 1400 but for a very short-term the target for the stock is Rs 1300 with a stop loss of Rs 1230.
PTC India has been trending in a rising channel formation between the support and resistance making a higher highs and higher lows. But eventually it has broken a bearish formation of rising channel in last week and I expect the stock to see further lower levels and hence can be shorted for a target of Rs 55 with a stop loss of 61.75.
Tags: Manas Jaiswal, Technical Analyst at manasjaiswal.com, Rajesh Jain, EVP Retail Research at Religare Sec, Rakesh Gandhi, Sr Technical Analyst at LKP, Super Six, Orchid Chemical, Jubilant Foodworks, HDFC Bank, Pantaloon, PTC India
Action in Orchid Chemicals and Pharmaceuticals
May 24 2013, 16:42
- in Rupee
May 23 2013, 09:33
- in Technicals