On CNBC-TV18's show Super Six, market gurus Gaurav Ratnaparkhi of Sharekhan, Shrikant Chouhan of Kotak Securities and Pritesh Mehta of IIFL share, 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.
Gaurav Ratnaparkhi of Sharekhan
Shree Renuka Sugars has formed a pop gun pattern on the daily chart which can either be a trade reversal pattern or a continuation pattern. However, in this particular case the pattern has been formed just above its crucial daily moving averages – that is the pattern has been formed above its strong support zone even the daily momentum indicators are in bullish mode. These observations suggests that implications of the pattern are likely to be bullish, so one can buy this stock with stop loss of Rs 21 and target will be Rs 24 and timeframe will be two-three sessions.
From the high of Rs 286.30; Adani Enterprises has done a three wave correction on the daily chart and a positive daily closing in the last session completes third leg of the correction. In terms of price pattern the correction has taken form of a bullish flag pattern, which means significant upside potential from current level. So, this is a good buying candidate from trading perspective as well as from medium-term perspective and from trading perspective the stop loss can be placed at Rs 237 and target will be Rs 262 and timeframe will be two-three sessions.
Shrikant Chouhan of Kotak Securities
Cipla is into multiple breakouts. The stock is also diverging positively on the daily chart as well as the stock has broken last ten days’ highest levels at Rs 410. So from here the stock can go to the next levels of Rs 420-425 in next one or two days of time. One can trade long Cipla at current levels with a final stoploss at Rs 404.
Federal Bank is into rising bullish consolidation. The stock is very close to its breakout level of Rs 81.50-82. Currently it is at the lower boundary of the major support of Rs 79.5, so one can trade long Federal Bank at current levels with a final stop loss at Rs 78 for the target of Rs 85.50-87 on the higher side.
Pritesh Mehta of IIFL
Siemens has similar trend reversal after it took support at its upward sloping trendline which is in place since the month of September, in fact it also it also coincides with the earlier breakout which took place in November. So, I am expecting the stock to find support at current levels and resume its previous uptrend. The risk reward ratio is also favouring the argument to be on the long side, so buy Siemens above Rs 600 with stop loss of Rs 590 for a target of Rs 620.
We have a buy on Mcleod Russel (India). The stock gave a strong breakout early December after four months of sideways consolidation and post that breakout the stock went to the levels of Rs 330 and thereafter it started the process of gradual decline. Now it took support at its previous breakout point of Rs 290 and resume its previous uptrend. It is a classical example of an uptrending stock where every decline is met with a buying interest. I am expecting more to come in days to come. Therefore, buy Mcleod Russel above Rs 305 with stop loss of Rs 300 for a target of Rs 320.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
