Super Six: Top chart picks for Friday

Manas Jaiswal, Technical Analyst of Emkay Global

For last one month Ranbaxy is facing lot of resistance in the range of Rs 550-525 and yesterday it fell sharply with huge volumes and broke the support of Rs 485, so it can test Rs 465. One can go short with a stoploss of Rs 487.

ICICI Bank has broken the neckline of head and shoulder pattern, which is a bearish sign. So now the stock can test 835. One can go short with a stop loss of Rs 874.

Vishal Kshatriya, Sr Derivative and Technical Analyst of Edelweiss

One can short Sesa Goa . It has breached and closed below its support of 20 DMA along with good volumes. Momentum oscillators on daily charts have given a sell signal. Open Interest data indicates fresh shorts in the counter. Traders can go short at CMP with a first target of Rs 200 and final target of Rs 195, keep stoploss above Rs 215.

Go long on United Spirits . It has generated inverse head and shoulder pattern, break out along with good volumes. Momentum oscillators on daily charts have also given a buy signal. Besides this, OI indicates fresh long build up in the counter. I am expecting stock to trade with a positive bias in days to come. Go long at CMP with a target of Rs 1000 and stoploss below Rs 875.

Nooresh Mirani, Head, AMSEC-Analyse India

One can buy Ashok Leyland . The stock has given a breakout above its multiple tops in the range of Rs 28. One can look to buy around Rs 27.50 with a stop loss of Rs 26 and target of Rs 32 in the short term.

Yesterday Berger Paints broke out above its major resistance of Rs 110-113. The stock would head upto Rs 125 in the short-term. Traders can buy on any dips to Rs 108 with a stop loss at Rs 104 as well as momentum would be seen once the stock crosses above Rs 115. The target would be Rs 125 and keep stoploss at Rs 104.