Chandan Taparia of Motilal Oswal Securities discusses with Latha Venkatesh, Anuj Singhal and Sonia Shenoy his analysis on the F&O side of the market as well as specific stocks and sectors.
He also spoke at length on Reliance Industries, Titan, and YES Bank.
Talking about Reliance Industries, Chandan Taparia said, “Have positive view on the Reliance Industries. The stock has taken support at previous swing low of Rs 1,020 zone and witnessed a strong spurt in last two trading sessions. We have seen Put writing activity with buying interest. It is a classical example of roll reversal because the earlier resistances is now turning at a support which could provide it to move on higher side so recommending to go long on Reliance Industries with a stop loss of Rs 1,065 and expecting it to rally towards Rs 1,140 kind of levels.
He also added, “Second trade is buy on Titan. We have seen a consolidation breakout and stock has given a highest daily close in last 28 trading sessions and also given the consolidation breakout of last four weeks it is seemed the buying interest making high rise high lows on the daily scale from last 3-4 trading sessions, surpassed its 50 days exponential moving average and comparatively holding this strength even after the market volatility. So this stock can head towards Rs 860-865. One can buy with a stop loss of Rs 813 kind of level.”
Talking about his sell trade he said, “One sell trade on YES Bank. We have seen the stock recovery on 220 points in the Nifty and 500 points in the Bank Nifty, but even after that the stock remained under pressure and now recovery was seen on the counter which clearly indicates that its weakness is there. However, it has recently taken support, but if follow-up selling happens then stock can slide lower. So better to trade in Rs 170 Put keep a stop loss of Rs 7 and if it slips below Rs 175 kind of level than Put can move towards Rs 19-20.”
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