Buy Jubilant Foodworks, Indiabulls Housing Finance; sell Yes Bank: Chandan Taparia

Chandan Taparia of Motilal Oswal Securities told CNBC-TV18, "Nifty is making lower highs, lower lows from last three to four trading sessions. So some weakness could be there in the broader market but stock specific action could continue to be there."

"First trade is to go long on Jubilant Foodworks. The stock has managed to surpass immediate hurdle of Rs 1,650 and given the recent daily highest close, we have seen some built up of long position with consolidation breakout. So, I am looking for an upside target towards Rs 1,720, one can buy with a stop loss of Rs 1,620. "

"Second trade is a buy on Indiabulls Housing Finance. I will recommend buying on decline. It has taken support at its original trend line. On last trading session, it formed a reversal candle and also formed a morning star on the daily chart. Here some smart bounce back could be seen. One can buy on decline with a stop loss of Rs 1,200 for an up move towards Rs 1,290-1,300 levels."

"Last trade is a sell idea on Yes Bank. This stock has been making lower top, lower bottom formation on weekly chart. We have seen built up of short position with sustained call writing at 310-320 strike. So, Rs 300 is an immediate support, below that, fresh selling could be seen."

"However, as per price pattern, look for a decline towards Rs 295 and lower levels. One can sell with a stop loss of Rs 290-313 for downside target towards Rs 293. One can also trade in 300 Put to get a downside move in the counter," he added.