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Mar 17, 2017 10:11 AM IST | Source: CNBC-TV18

Buy Canara Bank, Petronet LNG, Bharat Forge, Hindalco Industries: Chandan Taparia

Chandan Taparia of Motilal Oswal Securities suggests buying Canara Bank, Petronet LNG, Bharat Forge and Hindalco Industries.

Chandan Taparia of Motilal Oswal Securities told CNBC-TV18, "We have positive view on most of the PSU banks and Bank Nifty is also performing well. We are recommending to go long on Canara Bank. The stock has taken multiple support near to Rs 283 and surpassed its falling supply trend line. It is also forming a positive price pattern on the daily charts, so expecting a positive move towards Rs 306. One can buy with a stop loss of Rs 287."

"Second trade is buy on Petronet LNG. It has taken support at its weekly support trend line, negated its negative trend of last 11-12 trading sessions and formed a narrow range price formation. So, expecting this rally to extend towards Rs 411. One can buy with a stop loss of Rs 382," he said. 

"Third stock is buy on Bharat Forge. It looks attractive in terms of risk reward ratio and as per the current price placement it looks for a target towards Rs 1,080. One can buy with a small stop loss of Rs 1,032." 

"The last trade is buy on Hindalco Industries. We have seen significant buying in most of the metal counters and Hindalco is near to its six years high level. We have seen unwinding in 200 Call and fresh Put writing at 200 Strike is giving the positive sentiment for this stock. So, one can trade with 200 Call by putting the stop loss of Rs 2.50. This stock has potential to move towards Rs 208-210 and similarly this Call can head towards Rs 10-11."
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