Check out: Top chart picks for today

I have a buy call on Bajaj Hindusthan . Daily chart of Bajaj Hindusthan is showing three-wave setback. It has taken a form of a bullish flag pattern. As per the Elliott Wave theory, the three-wave set back is considered as a corrective structure and is usually followed by an impulse on the upside. Accordingly the stock has started a fresh rally and has broken out from the bullish flat pattern. So the stock has significant upside potential from current level. From trading perspective, stop loss can be placed at Rs 18.20 and target will be Rs 20.

Jain Irrigation has been rallying smartly since last few weeks. On the daily chart it is forming higher tops, higher bottoms, which is a sign of an uptrend as per Dow Theory. The short-term momentum indicators are in line with the rally. However, in the last session, the stock has taken a halt which on the daily chart is showing up as a bullish inside bar whereas on the early chart it is showing up as a bullish flat pattern. So this is also a good buying candidate from trading perspective with stop loss at Rs 89 and target at Rs 97.20.

The first stock is Mcleod Russel . It has moved above the 200 day moving average and has given a breakout above 50 day moving average as well. The interesting part about the stock is the momentum indicator especially the RSI as well as the moving average convergence divergence (MACD), both of them were steadily and gradually turning on to the positive side. I think after yesterday’s move backed by strong volumes as well as price action, the momentum indicators have given a strong thumbs up to Mcleod Russel chart and I believe from short-term perspective, it could offer a good trading window. My sense is that this stock could reach targets of Rs 294 in one-two days with a stop loss of Rs 278.

The second stock is Adani Enterprises . The stock has had a stellar run right from Rs 200 levels to now just about crossing that Rs 500 mark. The interesting part about it - the short-term view is that after the steep run, couple of weeks back it was under consolidation, the price movement as well as the momentum indicator were on a steady path but after yesterday’s move, the swing high is more or less been made once again in Adani and probably from a short-term perspective, it could offer a further fillip on the upside. My target for Adani Enterprises is Rs 520 with a stop loss kept at Rs 465.

My first pick for the day is going long on BGR Energy . Stock has given price volume breakout on its daily chart. Technical oscillators are also trading with a positive bias. Traders can initiate long at current market price with a target price of Rs 165, maintain stop loss below Rs 143.

My second pick for the day is going long on Bank of India (BoI). The stock has given a close above its important resistance area. Technical oscillators have also given buy signal. Traders can initiate long at current market price with a target price of Rs 270, maintain stop loss below Rs 240.

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