The latest analysis and commentary by stock market guru Chandan Taparia, derivative & technical analyst at Motilal Oswal Securities on what is moving the markets today.
He shared his views and readings on Reliance Industries, Britannia Industries, Divis Laboratories, HDFC Bank and Bank of Baroda.
Talking about stocks, he said, “Recommending to go long on Reliance Industries with a stop loss of Rs 1,100 for higher side target.”
“Britannia has given a consolidation breakout by holding above 50 day exponential moving average. We have seen surge in the volume and delivery activities. So expecting positive momentum in Britannia towards 6,200, one can buy with a stop loss of Rs 5,830 level,” he added.
“Divis Laboratories trading at lifetime high territory. We have seen short covering activity which indicates that this is set to move on higher territory. So one can buy with a stop loss of Rs 1,525 for an upside target towards Rs 1,625,” he further added.
On banking front, Taparia said, “We expect HDFC Bank to move towards Rs 2,070-2,075 with a stop loss of Rs 1,970.”
“We have positive view on Bank of Baroda. The stock has given a consolidation breakout and may head towards Rs 120. So one can trade in Rs 115 call to play the upside movement of 4-5 percent on the short covering activities.
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