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 Tata Consultancy Services (TCS), Lupin, Bajaj Auto, and Grasim.
Speaking about individual stocks, Taparia said, “First trade is a buy on TCS. We have seen buying interest in selective IT counters especially TCS, HCL Technologies and Infosys. Talking about TCS where we have positive view, the stock has recently given a breakout from its inverse head and shoulder. It has managed to surpass its multiple hurdle of Rs 1,944 zone and also holding well above its 50 day exponential moving average. We have seen buying interest in the counter in last three to four trading sessions, especially when broader index is falling down. So, entire setup suggests positive stance. So one can buy with a stop loss of Rs 1,945 for an up move towards Rs 1,995-2,000 kind of level.”
“Second trade is a buy on Lupin. The stock has been consolidating in a range. It is holding well above its breakout of falling supply trend line. Overall trend is positive, range bound, dips are being bought. So because of that some buying interest could emerge. One can buy with a stop loss of Rs 848 for an upside target of Rs 895 level,” he added.
On the sell side, Taparia said, “Sell Bajaj Auto. The stock has given a breakdown. It has been making lower top lower bottom. We have seen built up of short position and stock has potential to further correct towards Rs 2,480 level. So one can sell for downside target with a stop loss of Rs 2,610 level.”
“Second trade on the sell side is Grasim. The stock has been making lower top lower bottom. It has given a breakdown from its symmetrical triangle formation. Trend is weak and it is holding well below the immediate moving averages. So recommending to sell with a stop loss of Rs 755 while on the downside it can crack towards Rs 700 to Rs 695 kind of levels,” he added.Disclaimer:
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