Buy HUL, Jet Airways; sell Tata Steel: Sameet Chavan

Sameet Chavan of Angel Broking told CNBC-TV18, "We have two buying recommendation, first one would be on Hindustan Unilever (HUL). Last week we saw a good price volume breakout from a bullish cup and handle pattern around Rs 860-862 with a substantial rise in volumes. Since last three days, it has been consolidating but previous resistance of Rs 860 is now acting as a strong support since last three days. We believe that it could be a very good buying opportunity. The stock is likely to move beyond Rs 900. The level of Rs 910 would be our immediate target and it can be bought by keeping a strict stop loss at Rs 835.""The other pick would be from the aviation space. Jet Airways has been our preferred pick since last few months. Although we have seen a sharp correction from the levels of Rs 800 but looking at the daily as well as weekly chart structure, it appears that the stock has formed a strong base around Rs 490-500 and is now moving higher. On Wednesday, this stock gave a good breakout from its resistances zone of Rs 555. It has also confirmed a higher top, higher bottom formation on daily charts. Thus we expect a good move in Jet Airways, Rs 600 would be an immediate target and one can buy this stock with a stop loss of Rs 534," he said. "Our final pick would be to short on Tata Steel. This is clearly against its ongoing momentum. However, we are seeing a strong resistance around Rs 310-318. The level of Rs 310 was March 2015 low, so that previous low is now likely to act as a resistance. We expect minor profit booking in this stock while Rs 290 would be our target and it can be short sold by keeping a strict stop loss at Rs 327."