Chandan Taparia, Derivative & Technical Analyst at Motilal Oswal Securities recommends buying Canara Bank, Petronet LNG and Lupin.
Chandan Taparia, Derivative & Technical Analyst at Motilal Oswal Securities told CNBC-TV18, "We have seen strong buying in the most of the PSU banks, so recommending to go long on Canara Bank. It has seen open interest addition by around 3-4 percent and holding the gains from last two to three weeks. It has taken support near to Rs 286 and now the support is shifting high to Rs 289. So, looking at positive price action, one can buy with a stop loss at Rs 289 for the upside target of Rs 306.""Second trade is a buy on Petronet LNG. Just couple of days back, it formed a positive price pattern and surpassed the falling supply trend line on the daily charts. It is holding above its 50 day moving average, so expecting this rally to extend to decent high. Recommending to buy with a stop loss of Rs 384 for the upside target of Rs 411," he said.
"Last trade is buy on Lupin. It seems that this stock has bottomed out. It has taken multiple support near to Rs 1,444 levels. We have seen buying interest as well as the delivery volume in the counter. So, it looks attractive in terms of risk reward ratio. Recommending to buy with a stop loss of Rs 1,444 for the upside target of Rs 1,510."