Buy KPIT Technologies, Grasim Industries, Axis Bank: Chandan Taparia

Chandan Taparia of Motilal Oswal Securities told CNBC-TV18, "We are positive on the selective IT counters. We have buy on KPIT Technologies, the stock has formed a trainable pattern on the daily chart. It has given a breakout with the price volume which indicates their up move could extent. So, recommending to buy with a stop loss of Rs 174 and looking for a targets towards Rs 192."

"Second trade is buy on Grasim Industries. The stock has recently completed a harmonic pattern that is called bullish AB is equal to CD. It has taken multiple support near to Rs 1,130 Rs 1,110 zone and now giving a consolidation breakout, so expecting a further move towards Rs 1,225 one can buy with a stop loss of Rs 1,135."

"Third trade is buy on Axis Bank, however Bank Nifty is quite nervous, you have seen selling pressure in selective PSU Banks. Axis Bank is the only counter which is outperforming and has given a consolidation breakout, so expecting the stock to head towards Rs 590. One can buy with a stop loss of Rs 550."

"On the Option front, we have positive view on the metal counter and expecting Tata Steel to hit New Year’s high. The stock is hovering near to its 52-week high and expecting a positive momentum. So, one can look at the bull Call Spread by buying 740 Call and selling 760 Call and the risk would be around Rs 3,000 and reward would be around Rs 7,000 in this strategy," he added.