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Jul 12, 2012, 08.23 AM IST
On CNBC-TV18's show Super Six, market gurus Vishal B Malkan of www.malkansview.com, Shardul Kulkarni of Angel Broking and Rajesh Jain of Religare Securities, place their bets on two stocks each, thus offering investors a variety of options to choose from.
Alstom Projects has broken above the 2-month high of Rs 395. Volumes have been rising. Prices started tagging the upper Bollinger band. I recommend a buy with a stoploss of Rs 391 for targets of Rs 404 and Rs 408.
Shardul Kulkarni of Angel Broking The first stock that we will recommend for today is from the metal space, Jindal Steel and Power. The hourly charts suggest a significant upside from the current levels and thus we recommend buying Jindal Steel and Power at the current market price with a stop loss of Rs 452 on the lower side for a target of around Rs 495-500 in the next 5 to 6 trading sessions. The second recommendation that we have is a pair trade. You buy 400 shares of Ranbaxy and sell one lot of Dr Reddys in the Futures segment for the July series. This is a pair trade and for the pair trade you have a stop loss of 2.5% and the target price for the pair trade would be 7.5%.
Rajesh Jain of Religare Securities Bajaj Auto had been consolidating in an ascending triangle formation, but has now broken out on the higher side. One can buy the stock at current price keeping a stop loss of Rs 1,565 for target of Rs 1,620. Wipro along with other IT stocks have been underperforming the markets. One can short the stock between Rs 398-400 range keeping a stop loss of Rs 405 for target of Rs 385.
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