Buy Indiabulls Housing Finance, Mahindra and Mahindra; Hindalco likely to head lower: Chandan Taparia

Chandan Taparia of Motilal Oswal Securities told CNBC-TV18, "We have buy on Indiabulls Housing Finance. The stock has given highest daily close in last 55 trading session and surpassed immediate hurdle of Rs 1,243. We have seen surge in trading and delivery volume which indicates that this breakout could add further momentum. So recommending to buy with a stop loss of Rs 1,222 and expecting it to head towards Rs 1,288."

"Second trade is a buy on Mahindra and Mahindra (M&M). After the correction of last couple of weeks, the stock is all set to start the next move. It has seen a small decline and taken support at 50-day exponential moving average. Even after the market volatility, the stock was holding the gains in last two trading session. So expecting it to hit new highs. One can buy with a stop loss of Rs 745 for an upside target towards Rs 790."

"We have negative view on selective metal counters. Nifty metal index was down by more than 3 percent, making lower top, lower bottom formation. Hindalco Industries is forming a weak structure, it has broken its 50-day exponential moving average. So expecting it to hit Rs 250-248 kind of a level. One can trade with 255 Put which is trading near Rs 4-5. Put a stop loss of Rs 2.5 and expecting this put to go towards Rs 10," he said.