Super Six intraday picks for Nov 08

On CNBC-TV18's show Super Six, market gurus Shardul Kulkarni of Angel Broking, Rajesh Jain of Religare Securities and Manas Jaiswal of manasjaiswal.com, 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.

Shardul Kulkarni of Angel Broking
First stock is a buy call on Tata Steel. Going forward we expect the US dollar index to move lower and as a result metal prices across the globe are expected to move higher. Amongst the charts of all the metal counters, we feel that the charts of Tata Steel are best poised to move higher. Going forward we recommend buying Tata Steel in the range of Rs 399 to Rs 402. Place a stop loss at Rs 373 and trade bullish for a target of Rs 420 in the next 7-10 trading sessions.
The second stock is a buy call on defensive counter Hindustan Unilever. The chart structure of HUL shows a very strong higher top, higher bottom cycle on the daily as well as the weekly charts. Over the past couple of trading sessions the stock has corrected from the levels of Rs 575 and is now at around Rs 530. We feel this is the most appropriate level for buying the counter. Buy in the range of Rs 532 to Rs 535, place a stop loss of Rs 524 and trade bullish for a target of Rs 560 in next 6-8 trading sessions.
 
Rajesh Jain of Religare Securities
After forming a new 52 week high last month, Grasim Industries has witnessed some profit taking. It is now set for a further run up to much higher levels. Investors can buy the stock at any dip near Rs 3400 levels keeping a closing stop loss of Rs 3330 for higher target of Rs 3550 in coming days. Pantaloon Retail has formed an inverted head and shoulder pattern on the daily charts. It is a bullish pattern indicating strength in the near-term. Any dip in the near-term around Rs 190-195 levels should be considered a buying opportunity. One can put a stop loss of closing below Rs 185 and hold for higher targets of Rs 210 plus.
 
Manas Jaiswal of manasjaiswal.com
Yesterday Pantaloon Retail has broken the neckline of inverse head and shoulder pattern on the daily chart, which is a bullish sign. So we may see a further upmove. The stock can test Rs 209 in next one-two trading sessions. One can buy the stock at current levels with a stop loss of Rs 196.
After making a good base to near Rs 400 Canara Bank bounced back sharply and broke the resistance of Rs 430 with decent volumes. Now it can test Rs 453 in next 2-3 trading sessions. One can buy the stock at current levels with a stop loss of Rs 428.