Super Six: Top chart picks for March 19

On CNBC-TV18's show Super Six, market gurus Vishal Kshatriya, Sr Derivative and Technical Analyst, Edelweiss, Rakesh Gandhi, Sr Technical Analyst, LKP and Vishal B Malkan, CMT, www.malkansview.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.

Vishal Kshatriya, Sr Derivative and Technical Analyst, Edelweiss
My first pick for the day is going short on Tata Steel. Stock has given a head and shoulder pattern breakdown on its hourly chart along with good volumes. Momentum oscillators on daily chart have given fresh sell signal and I am expecting stock to trade in a negative bias in days to come. Traders can go short in a range of Rs 455 to Rs 460 with target price of Rs 435 and stop loss above Rs 475.
My second pick for the day is going short on SBI. On Friday, stock has breached and closed below its support of 20 DMA along with good volumes. Momentum oscillators on daily as well as on this intraday chart have given a fresh sell signal. Open interest data indicates aggressive short built-up in the counter, I would recommend traders to go short in a range of Rs 2,220 to Rs 2,240 with target price of Rs 2,120, maintain stop loss above Rs 2,300.
  Rakesh Gandhi, Sr Technical Analyst, LKP
My first call for the day is Orchid Chemical. The stock has been remaining in a symmetrical triangle formation since last six weeks and on Friday it has broken on the downside from the symmetrical triangle formation. The downside target for the stock is quite lower and hence can be shorted for a target of Rs 155 with a stop loss of Rs 174.
Second call for the day is Aban Offshore. The stock has been consolidating since last seven weeks and has now closed at the lower end of the consolidation. From the formation it looks like the stock could break on the downside and see lower levels and hence can be shorted for a target of Rs 425 with a stop loss of Rs 474.
  Vishal B Malkan, CMT, www.malkansview.com
My first pick is Kotak Mahindra Bank, it has broken the support of Rs 540, and it has also started tagging on the lower Bollinger band. I recommend a sell with a stoploss of Rs 545 for the targets of Rs 530 and Rs 524.
My second pick is Reliance Infrastructure. It has formed several bearish candlestick patterns on daily charts, there have been divergences also which indicates the trend is getting weaker. I recommend a sell with a stop loss of Rs 647 for targets of Rs 620 and 614.