Buy Indiabulls Housing Finance, Tata Steel, Reliance Industries: Chandan Taparia

Chandan Taparia of Motilal Oswal Securities told CNBC-TV18, "We are positive on Indiabulls Housing Finance. This stock has taken support at exact rising support trendline on the daily and the weekly chart and formed a fry pan bottom on the daily chart as well. It has seen the built up of long positions followed by short covering. So, it looks quite strong for an upmove towards Rs 1,155, one can buy with a stop loss of Rs 1,055."

"Second is buy on Tata Steel. We have seen buying interest in most of the metal stocks, with a built up of long positions and the sustained put writing in all these metals stocks indicates that next 7-8 percent movement cannot be ruled out. So here I am recommending to be with Tata Steel. It has surpassed hurdle of Rs 497-500 zone after the consolidation of last couple of trading sessions. So, technically it formed a pole and flag pattern and looking towards targets towards Rs 543, one can buy the same with a stop loss of Rs 497. In option trades also trade 510 Call to play the momentum with limited risk," he said.

"Third trade is a buy on Reliance Industries. After the profit booking of last two-three weeks, the stock has taken support near Rs 1,295-1,300 zone. We have seen put writing at Rs 1,300-1,310 strike, which indicates that now bottom is placed for the short-term message and the stock has potential to bounce towards Rs 1,380-1,400 zone to catch the market momentum. So, here also we are recommending to go long with a stop loss of Rs 1,308 for the upside target of Rs 1,400."

"Apart from that, I am recommending one more strategy that is on Axis Bank. Most of the private banks are doing well. However, Axis Bank remains in a range and we are expecting this rangebound move to continue. We are expecting this stock to move towards Rs 530 zone. So recommending Call ladder strategy in that - buy 510 Call, sell one lot of 530, sell one lot of 540. So in the entire strategy the risk is only Rs 3,000 and if the stock move towards Rs 530-535 zone then one can get the profit of around Rs 9,000-12,000 in this strategy."

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd