Chandan Taparia of Motilal Oswal Securities told CNBC-TV18, "We have positive view on selective auto, NBFC and banking space. We are recommending to go long on Amara Raja Batteries. The stock has recently made bottom near Rs 820-830 kind of zone and given a double bottom formation. It also formed a bullish engulfing candle on the daily chart and now the built up of long positions is also adding into the stock. So recommending to buy with a stop loss of Rs 840 and expecting this stock to head towards Rs 895."
"Second trade is buy on IndusInd Bank. The stock has given highest daily closing on the last trading session and also surpassed its falling trend line above Rs 1,500 zones. One can buy with a stop loss of Rs 1,498 and it has potential to head towards Rs 1,580-1,583 kind of levels," he added.
"The last trade is buy on Petronet LNG. The stock is moving in a range between Rs 210-230 levels post its merger price and recently it has turned from the lower band of the trading range. So, it looks attractive in terms of risk reward ratio to test the upper band of the territory. So, recommending to buy with a stop loss of Rs 212 and here also we may see a move to Rs 228 levels," he added.
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