Top super six trading ideas for May 3

On CNBC-TV18's show Super Six, market gurus Vishal Kshatriya of Edelweiss, Rakesh Gandhi of FRR Shares and Shardul Kulkarni of Angel Broking, 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.

Vishal Kshatriya, Edelweiss

Tata Coffee

Go long in Tata Coffee. Overall trend in the stock is positive, which is depicted by formation of higher tops and higher bottoms on its daily chart. Yesterday, the stock has given a trendline breakout with good volumes on its daily chart. Technical oscillators are also trading with a positive bias. Traders can initiate long at current market price with the target price of Rs 1,700 and stop loss at Rs 1,550.

Hero Motocorp

Go short in Hero Motocorp. The stock has given double top pattern breakdown with good volumes on its hourly chart. Besides this, the stock has corrected from its resistance of 50-day moving average (DMA). This clearly indicates that there is a supply in the stock at higher level. I recommend traders to initiate short on May futures in a range of Rs 1,620-1,630 with a target price of Rs 1,500 and a stop loss above Rs 1,700.

Shardul Kulkarni, Angel Broking

Tata Chemicals

Buy Tata Chemicals. The chart structure of Tata Chemicals suggests a horizontal trendline breakout in case of the daily chart and the momentum oscillators on that daily chart are also positively poised. We recommend buying Tata Chemicals at the current market price with a stop loss of Rs 324 for a target of Rs 342 over the next three-five trading sessions.

United Breweries

Buy United Breweries. The stock has been moving in a higher top higher bottom cycle over the past two months and the hourly chart suggests a flag breakout. Buy the stock above Rs 770, place a stop loss at Rs 748 and trade bullish for a target of Rs 810 over the next three-five trading sessions.

Rakesh Gandhi, FRR Shares

Chambal Fertilisers and Chemicals

Sell Chambal Fertilisers and Chemicals. After gaining for last few days, the stock has seen a sharp reversal with heavy volumes. In this decline, the volumes have risen sharply and short-term hourly charts and averages also indicate that there is further downside. And hence it can be sold around Rs 50 for a target of Rs 46, with a stop loss of Rs 53.

Sun TV Network

Buy Sun TV Network. After declining, the stock is once again sustaining above 100 and 200 days exponential moving average (EMA). It is also making higher highs and higher low pattern on charts indicating that momentum is picking up. It has also found support around its long-term support levels and hence now it can be bought for a short-term target of Rs 455 with a stop loss of Rs 410.