Chandan Taparia of Anand Rathi Securities told CNBC-TV18, "Hindustan Petroleum Corporation (HPCL), Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOC) are heading upwards and we have seen the significant built up of long position. Although we have seen a run-up of around 5-7 percent in all the stocks, now we expect some outperformance on HPCL because this stock has just given the movement of Rs 220-240 levels. The way the stock is holding near Rs 240 level, can extend the rally towards Rs 250-255 levels. So one can buy with a stop loss of around Rs 228 and for a target of Rs 250 level."
He further added, "Wipro is trading near 52-week high levels. The way stock is consolidating and holding the gains above Rs 570 levels, some short covering maybe seen towards expiry because in the entire series, this stock rose 5 percent."
"In December series also, the stock has seen significant upmove. So the way the stock is holding gains, now we are trading near to the upper band of the trading range. Some short covering we may expect in the stock. Traders can buy 580 Call to play the momentum with the limited risk," Taparia said.
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