Chandan Taparia of Motilal Oswal Securities told CNBC-TV18, "Selective heavyweights are likely to do well. I am recommending to go long on Reliance Industries. The stock has given a consolidation breakout and hitting the new lifetime high. We have seen significant surge in the trading and delivery volume which also indicates this momentum could extend to Rs 1,000 kind of level. Call unwinding and fresh Put writing also signifies the positive momentum."
"So one can buy with a stop loss of Rs 957 and expecting it to head towards Rs 1,000 plus kind of levels."
"Second trade is a buy on LIC Housing Finance. This stock has been a laggard, but it seems that it is bottoming out. We have seen strong momentum in Indiabulls Housing Finance and other NBFC companies, and LIC Housing Finance is surpassing its falling supply trend line. It has seen the positive divergence on the charts, so, some buying interest and the better risk reward ratio could attract the upside move in the counter."
"One can buy with a small stop loss of Rs 565 for the target towards Rs 595-600 zone."
"Third trade is buy on Larsen and Toubro (L&T). This heavyweight stock is all set to fly high. We have seen significant jump in the trading and delivery volume and open interest is also rising. So trade for upside target towards Rs 1,450, one can buy with a stop loss of Rs 1,375," he added.
Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd
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