The latest analysis and commentary by stock market guru Chandan Taparia of Motilal Oswal Securities on what is moving the markets today. Check out his top stock recommendations.
He spoke at length about Bata, Maruti, and Tech Mahindra.
Speaking about individual stocks, Taparia said, “First trade is buy on Bata India. The stock has recently given a consolidation breakout and holding its gain. It has seen built up of long position in last couple of trading sessions and seeing strong recovery with breakout on the weekly scale as well. So expecting it to start the momentum towards Rs 1,100, one can buy with a stop loss of Rs 1,038.”
“Second trade is buy on Maruti Suzuki. We have seen the shift of support to higher zone and it has managed to hold above its 50 day exponential moving average. It has been making higher tops, higher bottom and even at the beginning of series the Put writing is active at the lower strike which indicates that supports are shifting in the counter which may take it to Rs 8,080 kind of level. So one can go long in Maruti with a stop loss of Rs 7,640 for an upside target of Rs 8,080 kind of level,” he added.
On Tech Mahindra, Taparia said, “Buy Tech Mahindra. On large trading sessions we have seen some bottom process in most of the IT counters. IT index is also witnessing some recovery from the lower zone. We are witnessing the positive price action and the consolidation breakout on stocks like Tech Mahindra, Mindtree, counter like Hexaware as well. So because of this setup, recommended to go long on Tech Mahindra. The stock is all set to surpass its falling supply trend line, already we have seen the accumulation in the counter. So one can buy with a stop loss of Rs 698 for an upside target towards Rs 745-747 level.”Disclaimer:
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