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
I have a buy call on Oil and Natural Gas Corporation (ONGC). Since last few weeks it has been oscillating above its crucial daily as well as weekly moving average. Structurally the oscillations have taken form of a bullish triangular pattern. Recently the stock has taken support near lower end of the pattern as well as near daily lower Bollinger band and from there the stock has started moving higher. The daily momentum indicator has given a fresh buy signal. So, this is a good level to enter into this counter from short-term perspective and from trading perspective the stop loss can be placed at Rs 275 and target will be Rs 305.
Second pick is Idea Cellular. On weekly chart it is showing a three wave setback. It has taken support hear 40 week exponential moving average and weekly lower Bollinger band. As per Elliot wave theory, a three wave setback is usually followed by a five way advance, which means considerable upside potential for the counter from current level. On the hourly chart it has formed an inverted head and shoulder pattern. This is a bullish pattern. This suggests that a fresh rally is around the corner so one can buy the stock with a stop loss of Rs 157 and target will be Rs 172 and timeframe will be two-three days.
Shrikant Chouhan of Kotak Securities
Voltas is very close to its important support and from here we are expecting to rebound to the levels of Rs 110-115 in next few days of time but at least in next one or two days of time, we can see the levels of Rs 110. So, with a stop loss at Rs 102 we can trade long in Voltas at current levels for the target of Rs 110.
Reliance Industries is into strong hands. It is closing above its previous day’s highest level which is very bullish and volumes are also encouraging. It is at Rs 880 levels and from here the stock can go to the next levels of Rs 900-905. So, trade long on Reliance at current levels with a stop loss at Rs 865 for the target of Rs 905.
Pritesh Mehta of IIFL
I have a buy recommendation on ITC. Since November the Nifty has seen a sharp upmove. However, ITC has been languishing and consolidating at lower levels, in fact the recent correction which took place earlier last month, it brought the stock back to its 61.8 percent retracement of the previous rally. Now the stock since last one month has been consolidating in the range of Rs 310-325. Now the stock is on the verge of breaking on the upside. So buy with a stop loss of Rs 317 for a target of Rs 340.
I have a buy call on Amara Raja Batteries. This is an uptrend stock which went into a period of correction. We should not confuse this as signs of distribution because the stock has been in uptrend since last five months and continuously moving higher with the support of 52 moving average. Following recent correction the stock is back at its 50 day moving average support. I am expecting the stock to bounce back from the current levels and resume its previous uptrend. So, buy Amara Raja Batteries above Rs 345 with a stop loss of Rs 335 for a target of Rs 365.
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