Chandan Taparia, Derivative & Technical Analyst at Anand Rathi Securities recommends buying Apollo Tyres and Ashok Leyland.
Chandan Taparia, Derivative & Technical Analyst at Anand Rathi Securities told CNBC-TV18, "We have seen sustained buying in auto counter even after the weakness in the broader market. So, Tata Motors and Maruti Suzuki are likely to continue their positive strengths."
"I have selective recommendation on midcap trades and suggesting to go long on Apollo Tyres. This stock has given a positive breakout and also formed a positive price pattern which may continue its move towards Rs 168 level. We have seen open interest addition by 6-7 percent and managed to hold above Rs 159. So, recommending buying with a stop loss of Rs 155 for upside target of Rs 168," he said.
"I am positive on Ashok Leyland. Earlier this stock moved from Rs 77 to Rs 130 levels and recently it completed 61.8 percent retracement near to Rs 90 zone. Because of completion of retracement, the stock may again start the fresh leg of rally on the upside. We have seen fresh put writing at 90 strikes which also supports our positive view to the stock. So, one can buy with a stop loss of Rs 90 for an upside target towards Rs 99."The Great Diwali Discount!
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First Published on Jul 19, 2016 09:29 am