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 HDFC Bank, Mindtree, State Bank of India.
Speaking about individual stocks, Taparia said, “First trade is buy on HDFC Bank. The stock has formed a bullish candle and given a breakout from its falling supply trend line. Overall structure of the stock is positive with intact Put writing. We have seen some sort of short covering and may expect it to move on higher side. So recommend to go long on HDFC Bank with a stop loss of Rs 2,110 and expecting it to move towards Rs 2,190 kind of levels. ”
“Second trade that is on IT pack – we have seen positive price action and activities in most of the IT stocks including Mindtree, NIIT Technologies, Tata Consultancy Services (TCS), Tech Mahindra and Nifty IT index is also forming higher highs higher lows from last couple of weeks and clearly indicate that strength could continue. So recommending to go long on Mindtree with a stop loss of Rs 900 and this stock has potential to move towards Rs 955-960 zone,” he added.
On State Bank of India (SBI), Taparia said, “SBI is finding multiple hurdles at every small bounce back move and given the recent lowest lows we have seen Call writing and Put unwinding started to seen at 180 strike which indicates that stock may slip towards Rs 175-174 zone. So we are recommending to buy 180 Put near Rs 6 for stop loss of Rs 3 and this Put can move towards Rs 11-12.”Disclaimer:
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