Chandan Taparia of Anand Rathi Securities told CNBC-TV18, "First trade is buy on Oil and Natural Gas Corporation (ONGC) 280 Call. This stock is holding the gains, longs are intact, and we have seen put writing at lower strike which also indicates that momentum may continue in the counter. It is continuously making higher top, higher bottom formation. We are looking for an upmove towards Rs 285-288 levels on immediate basis. We are recommending to buy 280 Call with a stop loss of Rs 2 and this call can move towards Rs 10."
"We have positive view on TVS Motor and this is the only counter in the auto pack which is outperforming and hovering near its lifetime high territory. It is holding well and added significant open interest in the entire series by 65 percent and those longs are intact even after the market pressure. It clearly indicates strength of the counter and this stock can easily head towards Rs 400-405 levels. So, recommending to trade with 390 Call with stop loss of Rs 3 and this call can also move to Rs 13-14," he said.
"We have positive view on selective finance counter. Bajaj Finance is a stock which is bottoming out. It has taken support near to its 50-day weekly moving average, added built up of long position. Last trading session, when Nifty was hovering on the lower side, the stock has seen the price action with delivery volume. So, it can move on higher side. One can buy with a stop loss of Rs 1,050 for upside target towards Rs 1,135 levels."
"On sell side, we are expecting Aditya Birla Nuvo to correct by 4-5 percent. Recently, the stock headed toward Rs 1,450 kind of zone and started to forming lower top, lower bottom formation. It added open interest by 7-8 percent on the short side and all set to break the support trend line which may take it to lower levels towards Rs 1,310 levels. So, one can sell with a stop loss of Rs 1,405."
"The last trade is Apollo Tyres on the Put side. We have seen topping out formation in selective tyre companies after the movement of the rubber prices. Ceat has seen selling pressure, Apollo Tyres also has broken the support and fresh call writing and built up of short might drag it to lower levels. So, traders are suggested to trade with 210 Put in Apollo Tyres and if the stock slips towards Rs 200 zone, then this Put can move towards Rs 11-12."