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Last Updated : Jan 04, 2018 10:37 AM IST | Source: CNBC-TV18

Buy Bata India, KPIT Technologies, Jubilant Foodworks: Chandan Taparia

Chandan Taparia of Motilal Oswal Securities recommends buying Bata India, KPIT Technologies and Jubilant Foodworks.

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Chandan Taparia of Motilal Oswal Securities told CNBC-TV18, "Broader indices are quite choppy and moving in a range but selective stocks are likely to do well. First trade is on Bata India. The stock has seen open interest addition of around 18-19 percent. It formed a bullish candle and jump in the delivery volume is also visible. It formed a positive price pattern and surpassed immediate hurdle of Rs 763. So, recommending to buy with a stop loss of Rs 760 and looking for an upside target towards Rs 796-800 zone."

"Second trade is from the IT pack. KPIT Technologies was recommended last week; it did well. Now we are betting on Hexaware. This stock is on verge of fresh breakout and fresh momentum, so, expecting the stock to rally towards Rs 364. One can buy with a stop loss of Rs 343. It also added open interest near to 8-9 percent, so, clearly indicates that longs are even adding at the higher levels," he said.

"Last trade is on Jubilant Foodworks. After a long consolidation, it has formed a triangle pattern and given the breakout of the same. Longs are adding and volume breakout also visible. So, one can buy for an upside target towards Rs 1,925 and putting the stop loss of Rs 1,810 is advisable on the counter."

"Those who are interested for the option, can look at the metal counter. I will select Tata Steel where I am looking positive to range-bound move, so recommending to buy 740 Call, sell one lot of 760 and 780 Call. The risk is only Rs 1.7. If it moves higher, we will get profit of around Rs 7,000-10,000 in this strategy," he added.
First Published on Jan 4, 2018 10:13 am
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