Watch the interview of Chandan Taparia of Anand Rathi Securities with Latha Venkatesh & Sonia Shenoy on CNBC-TV18, in which he shared his readings and outlook on market and specific stocks.
Below is the verbatim transcript of Chandan Taparia's interview with CNBC-TV18
Lupin
"Lupin has been moving up from last couple of trading sessions. We have seen strong momentum in most of the pharma counters and we are expecting this momentum to continue. So, suggesting to go long on Lupin with a stop loss of around Rs 1,920 and expecting an upside target of Rs 2,050."
LIC Housing Finance
"We have selected the stocks which are not from the index part and likely to outperform the market because we have seen a decent rally in the market. They might take some pause because of expiry and call writing on the higher side and that is why I have selected LIC Housing Finance which is in momentum adding the built up of long position enough to outperform the market."
"LIC Housing Finance has recently taken multiple support making higher tops higher bottom formation. It has also formed a attractive price pattern and that is the reason we are recommending to go long on LIC Housing Finance with a stop loss of Rs 460 and expecting an upside target towards Rs 500 in the coming trading sessions," he said.
Banks
"Bank of India has not participated in the recent rally and finding sustained pressure on every small bounce move. The stock has been making lower highs from last four trading sessions as it fails to cross it's multiple hurdle of Rs 188. So, we are recommending to sell Bank of India with a stop loss of Rs 188 and expecting a downside target towards Rs 168."
"Federal Bank has rallied well from Rs 65 to Rs 80 kind of levels. Overall, the trend is positive, but the stock is not performing from last four trading sessions. So, the clear strategy would be a buy on decline. Wait for a decline towards Rs 70 to initiate fresh long positions. So, I am expecting a small decline and the decline can be used to again re-trade for the upside target of Rs 80," he said.
"On private heavy weight banks, we are positive on Axis Bank and ICICI Bank. Axis Bank earlier was moving in between Rs 540-580. In the mid of June series, it has taken multiple support near to Rs 540 and headed towards Rs 580. Now, the support has shifted from Rs 540 to Rs 580. So, till it holds above Rs 580 levels, we have positive sense on Axis bank and expect an upside target towards Rs 625-630 levels in coming trading sessions," he added.
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