Buy Indian Oil Corporation, target Rs 455: Chandan Taparia

Chandan Taparia of Anand Rathi Financial Services told CNBC-TV18, "We have seen strong momentum in all the oil marketing companies. They are all making higher tops-higher bottom formation, adding build-up of long position, even delivery volume is marking in all these counters."

"Falling crude is supporting Indian Oil Corporation. We are expecting this counter to head to higher levels. So suggesting to buy Indian Oil Corporation with a stop loss of Rs 415 and expect an immediate target of Rs 455 and then even higher levels," he said.

At 14:07 hrs Indian Oil Corporation was quoting at Rs 433.95, up Rs 9.55, or 2.25 percent. It has touched an intraday high of Rs 435.10 and an intraday low of Rs 422.50.

Disclosure: Analyst suggested all these trading ideas to his clients but has no personal holdings.