Buy TVS Motor, Amara Raja Batteries, KPIT Technologies: Chandan Taparia

Chandan Taparia of Motilal Oswal Securities told CNBC-TV18, "We have a positive view on selective auto stocks. Talking about the Nifty Auto that has given consolidation breakout from a symmetrical triangle on the weekly as well as daily charts. It is at the verge of new lifetime high territory. So most of the auto stocks are adding built up of long positions and here we are recommending to go long on TVS Motor. The stock has made a rectangle pattern which is a continuation formation and also added open interest near to 9-10 percent in last trading session with record new lifetime high territory. So, expecting this stock to continue its rally towards Rs 545. One can buy with a stop loss of Rs 504."

Second trade is buy on Amara Raja Batteries. This stock has recently formed a bullish head and shoulder pattern which has a positive implication. So, here also we are looking for an upside move towards Rs 970-975. One can buy with a stop loss of Rs 903," he said.

"The last trade in the future side - a buy in KPIT Technologies. Selective IT stocks have started to form bottom and I think KPIT is near to major support zone. If we connect the support and resistance trend line on the weekly charts, it is at the verge of giving fresh or early sign of bottom out process with a breakout in the short covering activity. So, recommending to buy with a stop loss of Rs 125 for upside target of Rs 135," he added.