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Oct 13, 2017 11:44 AM IST | Source: CNBC-TV18

Buy HDFC Bank, National Aluminium Company; positive on Hindustan Unilever: Chandan Taparia

Chandan Taparia of Motilal Oswal Securities recommends buying HDFC Bank and National Aluminium Company and has a positive view on Hindustan Unilever.

Chandan Taparia of Motilal Oswal Securities told CNBC-TV18, "First trade is on the heavyweight - HDFC Bank. Bank Nifty did well in last couple of hours in trading session and HDFC Bank has given a consolidation breakout. It managed to close above immediate hurdle of Rs 1,815-1,810 zone. So, expecting this stock to rally on higher side towards Rs 1,878 and recommending to buy with a stop loss of Rs 1,788."

"Second trade is on National Aluminium Company (NALCO). This stock has given a multiple year breakout and has added open interest near to 13-15 percent. Hindalco Industries also added the built up near 16-17 percent. Most of the metal stocks are looking good. NALCO and Hindalco are comparatively better among the other metal counters. So expecting the fresh leg of rally in NALCO and recommending to buy with a stop loss of Rs 83 for a new high towards Rs 92 levels," he said.

"We have a positive view on Hindustan Unilever (HUL). In last trading session, we have seen built up of long position and fresh momentum in most of the FMCG counters. Dabur India has given multiple week breakout, HUL has also taken support near to its immediate trend. Major trend of the counter is positive and recent consolidation has given the fresh opportunity."

"We have seen fresh Put writing at 1,220-1,240 strike and fresh Call writing is now shifting to 1,260 strike which indicates that this stock also can lead towards Rs 1,260-1,265. So recommending to buy bull Call spread, in that one is suggested to buy 1,240 Call, sell 1,260 Call. In the entire strategy the risk is only 8 points and if the stock move towards Rs 1,260 then the return is 12-13 points," he added.

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