The latest analysis and commentary by stock market guru Chandan Taparia, Derivative & Technical Analyst of Motilal Oswal Securities on what is moving the markets today. Check out his top stock recommendations.
He spoke at length about HDFC Bank, NIIT Technologies, and BPCL.
Speaking about individual stocks, Taparia said, “Buy HDFC Bank. This stock has seen strong momentum in last two trading session. It has seen the recovery from lower levels and overall trend of the counter is positive. It has managed to recover and holding near to its previous series high level. We have seen intact Put writing and stock has surpassing its falling supply trend line on the daily and weekly scale. If market has to move up and Bank Nifty has to move up, then HDFC Bank has to take the lead and that is why we are expecting the positive momentum as per the price setup of the counter. So one can buy with a stop loss of Rs 2,103 to play the upside move towards Rs 2,180-2,200 zone in the counter.”
“Buy NIIT Technologies. This stock has surpassed its falling supply trend line and surpassing its 50 day exponential moving average. So positive price action could be seen towards Rs 1,212. One can buy with a stop loss of Rs 1,133 level. On option strategy front, buy BPCL. The stock has given a breakout and surpassed its consolidation zone holding the built up of long position by around 8-9 percent on last trading session. So this stock has potential to move towards Rs 362-365. One can trade with bull call spread by buying one lot of 350 and selling one lot of 360. So entire risk is around Rs 3.5 and reward is Rs 6.5. So almost 1:2 risk reward ratio. I am expecting BPCL to move on upside towards Rs 362 kind of level,” he added.Disclaimer:
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