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Last Updated : Nov 20, 2014 11:06 AM IST | Source: CNBC-TV18

Super Six: Top chart picks for November 20

Manas Jaiswal of manasjaiswal.com advises buying Bank of India with a target of Rs 265 and NMDC with a target of Rs 144.


On CNBC-TV18's show Super Six, market gurus Manav Chopra, Gaurav Bissa and Manas Jaiswal 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.


Manav Chopra of Nirmal Bang


Credit Analysis and Research (CARE) has seen a sharp rise from its recent lows and the rise has accompanied by above average volumes. We have also seen that the stock has managed to close above its important moving average which has confirmed a short-term trend reversal signal. At the current levels Rs 1,430-1,440 are the strong support clusters and we recommend a buy with a stop loss of Rs 1,420 and expect an upside target of Rs 1,510.

Close

Canara Bank has formed several reversal candles near the crucial levels of Rs 420 which indicates that there is limited upside from the current zone also the prices have managed to close below the important support areas and is trading below the important moving averages. We recommend a sell Canara Bank Futures at the current levels with a stoploss of Rs 415 for a downside target of Rs 317.


Gaurav Bissa of LKP Securities


Bharti Airtel has witnessed consistent short covering since past few trading sessions. The stock has highest open interest base at 400 strike Call option and the stock has closed above this level. The stock is trading above its short-term averages and also short-term momentum indicators are pointing for an upmove in the stock plus one can go long in this stock for target price of Rs 420 keeping the stoploss at Rs 392.


United Breweries has been building long positions since past few trading sessions on consistent basis. The stock has closed yesterday above its short-term as well as longer term averages with increased volumes suggesting further upside in the stock thus one can buy the stock for target price of Rs 750 keeping the stoploss at Rs 710.


Manas Jaiswal of manasjaiswal.com


Bank of India has broken the neckline of head and shoulder pattern on the intraday chart and we may see further downside now. It can test its 200 day moving average which is based at Rs 265. One can go short with a stoploss of Rs 288.


NMDC is making lower tops and lower bottoms on the daily chart and yesterday it broke an important support of Rs 150. We may see further downside. It can test Rs 144 in next two-three trading sessions, so one can go short with a stoploss of Rs 153.



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First Published on Nov 20, 2014 07:58 am
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