Super Six: Top chart picks for April 13

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

Jindal Steel & Power fell around Rs 80 within last 7 trading sessions but yesterday it took support at Rs 480 and bounced back sharply. On the daily charts both the oscillators are showing positive crossover. So we will see further recovery in the stock and stock can test Rs 535 in couple of trading sessions. One can buy the stock at current levels with stop loss of Rs 499.

For last one month Balrampur Chini was trading in the range of Rs 52 and Rs 58 but yesterday it broke this range with higher volumes. So we may see further recovery in the stock and stock can test Rs 63 in couple of trading sessions. One can buy with a stop loss of Rs 57.

 

Rajesh Jain, EVP Retail Research, Religare Sec

Banking stocks are leading the rally since last 3 trading sessions. South Indian Bank has a strong support near Rs 24 levels from where it has bounced. One can buy the stock at current price keeping a closing stop loss of Rs 24 for target of Rs 26 plus in coming days.

Yesterday when the markets were rising, HDIL fell down on good volumes. Overall the stock has underperformed in last two months. One can short the stock at any counter rally near Rs 85 which is its resistance keeping a stop loss of Rs 88 for target of Rs 80.

 

Vishal Kshatriya, Sr Derivative and Technical Analyst, Edelweiss

One can go short on Reliance Infra. Stock has given head and shoulder pattern breakdown along with good volumes on its daily chart. Momentum oscillators continue trade on negative bias. I am expecting stock to trade with a negative bias and hence recommend going short in a range of Rs 555 to Rs 560 with target price of Rs 520, maintaining stop loss above Rs 580.

Go long on Dabur India. Stock has given a breakout of its key resistance zone on its daily chart. The breakout was further accompanied by huge volumes and aggressive long buildup which is indicating open interest data. Short term oscillators on daily charts have given a fresh buy signal. Traders can go long at current market price with first target of Rs 118 and a final target of Rs 120, maintain stop loss at Rs 105.