Super Six short term picks for July 24

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. Investors can read into the detailed analysis before agreeing to any or all the bets.

Manas Jaiswal, Technical Analyst at manasjaiswal.com KPIT Cummins Infosystems has given a bullish breakout of a triangular pattern with higher volumes. So now we may see a sharp up move and the stock can test Rs 135 in next 3-4 trading sessions. One can buy the stock at current levels with a stop loss of Rs 118. Petronet LNG is facing resistance near to 200 day moving average for last 15-20 days. Yesterday it broke the support of Rs 145 so now stock can correct its recent rally from Rs 127-150 and can test Rs 135 in next 3-4 trading sessions. One can go short with a stop loss of Rs 148.
 
Rajesh Jain, EVP Retail Research at Religare Sec Biocon has formed a fresh buying pivot on the daily chart as it took support on the uptrend line on the daily chart and likely to witness rebound. One may go long at current market price with closing below stop loss of Rs 241 for the target of Rs 258 level.
After witnessing swift rebound from Rs 125 levels Petronet LNG took resistance around Rs 150 levels and formed a negative pattern on the daily charts. It has broken down from the pattern providing fresh shorting opportunity. One may go short between Rs 146-147 level, which is its resistance keeping a closing stop loss of Rs 150 for the target of Rs 136.
  Rakesh Gandhi, Sr Technical Analyst at LKP BGR Energy has closed below its exponential moving average of 200 days and has also broken below a rising channel formation which is bearish. Looking at the pattern the stock could see further lower levels and hence can be shorted for a target of Rs 270 with a stop loss of Rs 300.
My second pick for the day is sell IDFC. The stock has started making lower lows and lower highs indicating that trend has reversed. Further the short-term moving average has also crossed down the long-term moving average indicating also that the price could see further lower levels and hence can be shorted for a target of Rs 125 with a stop loss of 135.