Buy State Bank of India, Petronet LNG, Hindalco Industries: Chandan Taparia

Chandan Taparia of Motilal Oswal Securities told CNBC-TV18, "We have positive view on selective PSU banks, especially on State Bank of India (SBI). Recently the stock has tested its earlier breakout zone near Rs 299 with the Put writing activity. So, we may see an up move in the counter, suggesting to buy with a stop loss of Rs 304 for an upside target of Rs 325."

"Second trade is a buy on Petronet LNG. Recently, the stock made double bottom near Rs 199-200 zone and formed a base with divergence on the mechanical indicator. It has seen built up of long position followed by short covering and overall it has been consolidating between Rs 200 and Rs 230 zones from last couple of weeks. So, as it has taken support at the lower band of the trading range. We are expecting it to head towards Rs 223-225 kind of level. One can buy with a stop loss of Rs 206," he said.

"Last trade is a buy on Hindalco Industries. We have seen built up of long position in most of the metal counters. Tata Steel, Hindalco, JSW Steel, all have seen the built up of long position and are trading near to recent 52-week high levels. Trend is intact and the fresh momentum with the open interest activity indicates that the rally can extend. So, recommending to buy Hindalco with a stop loss of Rs 221 for an upside immediate target of Rs 238. Traders can also trade with 230 Call on Hindalco to play the upside momentum with limited risk," he added.