Super Six: Top chart picks for Friday

On CNBC-TV18's new show Super Six, market gurus Hemant Thukral of SBI Capital Securities, technical analyst at viratechindia.com Hemen Kapadia and Devangshu Dutta, Consulting Editor of Outlook, 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.

Devangshu Dutta, Consulting Editor of Outlook

Unitech is coming under selling pressure; the stock could test its current 52-week low of above Rs 30 in the next 3 sessions. Keep a stoploss at about Rs 35.50 and go short. Book profits between Rs 30-31.

Petronet LNG has a fairly bullish profile maybe on the verge of a breakout. If it moves past Rs 145, it should go to Rs 150 or maybe to Rs 152. Again with a 2-3 sessions perspective, you could go long, with keeping a stoploss at about Rs 140.

Hemant Thukral of SBI Capital Securities

First stock for the day is Petronet LNG. What we saw yesterday is a huge surge in cash and derivative volume. The stock has seen an accumulation of long positions to the tune of 8%. On the top of it the stock has managed to close at an all-time high well above Rs 142 level. The way the long positions have been made, the way the cost of carry has increased, it seems that in immediate short-term the stock has a lot of steam left and we have a target of 153-155 levels.

The second stock we are suggesting today is IVRCL Infrastructure. But we are suggesting it to go short on it. The main reasons behind is the aggressive shorts that have been formed, 22% open interest it has added up. On top of it the stock has seen a cash volume of 79 lakh which is nearly double of the volume you can see in last 5 days, clearly suggesting huge weakness creeping into the counter. In the immediate short-term we feel Rs 65 should be the level which should be the important support level and that would be the immediate target.

Hemen Kapadia, Technical Analyst, chartpundit.com

First stock I would like to recommend is Patni Computers. The stock is quoting at around Rs 350. One can buy it at around Rs 349, with a stoploss of Rs 343 and a target of Rs 361.

The second stock that I would like to recommend is Century Textiles. The stock is a short-term uptrend. It has posted progressively higher tops and bottoms on the daily charts, so that signifies the short-term uptrend. It is also quoting above the 55 DMA, the daily MACD has also signaled a buy and it has also remained at a buy mode. This move seems to be sustaining in an extremely shaky market so one can buy Century Textile at around Rs 357 with a stoploss of Rs 350 and a target of Rs 371.