Super Six: Top chart picks for August 8

On CNBC-TV18's show Super Six, market gurus Manas Jaiswal, Technical Analyst, manasjaiswal.com, Rajesh Jain, EVP Retail Research, Religare Sec and Rakesh Gandhi, Sr Technical Analyst, LKP, 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.

Manas Jaiswal, Technical Analyst, manasjaiswal.com
After taking support near to 200 day moving average DLF bounced back sharply and yesterday it broke the resistance of Rs 218 with higher volumes. So now the stock can test Rs 230 in next 1 or 2 trading sessions. One can buy the stock at current levels with a stop loss of Rs 214. Karnataka Bank was trading in the range of Rs 92-96 for last 7-8 trading sessions but yesterday it broke this range upside with higher volumes. So now the stock can test Rs 103. One can buy the stock at current levels with a stop loss of Rs 96.
  Rajesh Jain, EVP Retail Research, Religare Sec Karnataka Bank stock was trading sideways between Rs 93-97 levels for almost a week and now has broken out from the range and is likely to test higher levels in the coming days. One can buy the stock at current price keeping a stop loss of closing below Rs 95 for higher target of Rs 105.
Mcleod Russel has retested the support zone of Rs 310 levels and has strongly rebounded from thereon. Now it has given a fresh buying signal. One can buy the stock at current price keeping a stop loss of closing below Rs 310 for target of Rs 345.
Rakesh Gandhi, Sr Technical Analyst, LKP Jaiprakash Associates has already closed above its resistance level of Rs 74 and hourly charts are also indicating that momentum has picked up. Bollinger bands on the daily chart has also come very close and if the stock moves above the level of Rs 79 there is a huge probability that it would deflect in the opposite direction indicating that momentum has further picked up and hence the stock can be bought for a target of Rs 83 with a stop loss of Rs 75. BF Utilities has been in a tight trading range since last few months. While remaining in a range bound kind of condition it has formed a symmetrical triangle formation which had seen a breakout before few weeks. The breakout has been completely retraced and once again the stock has catch an upward momentum hence can be bought for a target of Rs 465 with a stop loss of Rs 420.