Chandan Taparia of Motilal Oswal Securities is of the view that one can buy Reliance Industries, Vedanta and HDFC Bank and can sell Hindustan Petroleum Corporation.
Chandan Taparia of Motilal Oswal Securities told CNBC-TV18, "First trade would be buy on Reliance Industries. The stock has recently given a breakout by surpassing the multiple hurdle of Rs 957, Rs 958 and Rs 959. Recently it has re-tested the same and trending higher, so it is a classical example of resistance turning at a support zone. One may expect the fresh leg of rally towards Rs 1,000 plus kind of level. So, recommending to buy with a stop loss of Rs 950 and looking for an upside immediate target of Rs 1001 level."
"Second trade is buy on Vedanta. We have seeing buying interest in most of the metal counter. Put writing with long built up indicates the fresh up move could be seen. Vedanta is finding some hurdle near to Rs 248-249 and a small follow up could lead it towards Rs 280 plus kind of levels. So, one can buy on Vedanta. We are recommending to go long on the stock for an upside target towards Rs 350-360 levels," he said.
"I have positive view on the HDFC Bank. This stock is continuously moving up being a heavy weight counter longs are in tact. We have seen better roll overs and roll cost is also positive. It has been making higher tops and higher bottom formation and just couple of days back it has given a major consolidation breakout. So, expecting the further upmove towards Rs 2,035, one can buy with a stop loss of Rs 1,945 level."
"A sell on Hindustan Petroleum Corporation. Oil marketing companies are adding built up of short positions. This stock has given the break down Rs 400 level. Earlier significant Put writing was seeing, unwinding also started to happen. It has given the breakdown, so negativity could be continuing in the counter towards Rs 375. One can sell with a stop loss of Rs 390 level," he added.