The latest analysis and commentary by stock market guru Chandan Taparia, derivative & technical analyst at Motilal Oswal Securities on what is moving the markets today.
He spoke at length about State Bank of India, Bata, Muthoot Finance, Axis Bank, Tata Steel.
Stock specific, Taparia said, “Recommending to go long on State Bank of India (SBI) with a stop loss of Rs 312 and this stock has potential to head towards Rs 333-335 kind of level.”
“Recommending to go long on Bata as it is being a momentum counter. One can buy with a stop loss of Rs 1,365 and this stock has potential to move towards Rs 1,444 kind of levels on the upside,” he added.
Taparia also suggested a buy on Muthoot Finance. “One can buy with a stop loss of Rs 604 for an upside target towards Rs 640,” he said.
On the option side, Taparia said, “One can buy Axis Bank 780 Call near Rs 26, put a stop loss of Rs 20 and this Call can move towards Rs 38 in-line with the momentum in the Axis Bank counter.”
“One trade on the negative side just to hedge all the long positions is Tata Steel. One can trade with 510 Put with a stop loss of Rs 10 and this Put can go towards Rs 23-25,” Taparia added.Disclaimer:
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