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Jun 26, 2012, 09.28 AM IST
On CNBC-TV18's show Super Six, market gurus Manas Jaiswal of manasjaiswal.com, Arunesh Madan of Augment Investment and Rakesh Gandhi of LKP, place their bets on two stocks each, thus offering investors a variety of options to choose from.
My first pick is Sobha Developers . Last week the stock broke the neckline of inverse head and shoulder pattern, which is a sign of reversal. So, one can buy the stock at current levels for the target of Rs 355. You can keep the stop loss at Rs 329.
My second pick is Exide Industries . The stock is continuously making higher tops and higher bottoms on the daily charts and last week it crossed the 200-day moving average (DMA). Yesterday we witnessed good buying interest and so one can buy it with the stop loss of Rs 134, the target should be Rs 140 for the next one-two trading sessions.
Arunesh Madan of Augment Investment
I have a sell call in Hero Motocorp in the range of Rs 2,040-2,050 as the stock has formed an engulfing bearish pattern on the daily candlestick charts. The stock has also completed a major retracement of its fall from Rs 2,275 to Rs 1,800. Look to short this stock in the range of Rs 2,040-2,050 with a stop loss above Rs 2,070 and look for a target of Rs 1,900 in the coming days.
I have a sell call in BPCL in the range of Rs 750-755, as the stock has formed a bearish pattern on the daily candlestick charts. Keep a stop loss above Rs 770 levels on a closing basis and look for a target of Rs 725-730 in the coming days.
My first pick for the day is Tata Steel . The stock has formed a bearish rising-wage pattern and has also broken a rising trendline on its hourly charts, which was supporting it since last 3 weeks. Once the stock breaks Rs 410, it could see lower levels upto Rs 390 and hence can be shorted for a target of Rs 390 with a stop loss of Rs 420.
Crompton Greaves is making higher highs and higher lows indicating that there is an uptrend which is developing. The stock will see further breakout above Rs 122 from ascending triangle formation and could see higher levels then. Once it crosses Rs 122, one can buy with the stop loss of RS 115 for a target of Rs 130.
Tags: Manas Jaiswal of manasjaiswal.com, Arunesh Madan of Augment Investment, Rakesh Gandhi of LKP, Sobha Developers, Exide Industries, BPCL, Tata Steel, Crompton Greaves
Action in Sobha Developers
May 23 2013, 16:33
- in Asian markets
May 23 2013, 09:33
- in Technicals