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Last Updated : Dec 22, 2016 10:07 AM IST | Source: CNBC-TV18

Buy IOC, DLF, Motherson Sumi; sell Wockhardt: Chandan Taparia

According to Chandan Taparia, Derivative & Technical Analyst at Anand Rathi Securities, one can buy Indian Oil Corporation, DLF and Motherson Sumi Systems and advises selling Wockhardt.

Chandan Taparia, Derivative & Technical Analyst at Anand Rathi Securities told CNBC-TV18, "We have positive view on the Indian Oil Corporation (IOC), buying interest was seen in most of the oil marketing companies and IOC has managed to give their positive price formation with the built up of long positions. So, recommending to buy with a stop loss of Rs 300 for the upside target of Rs 321."

"Second trade is from the real estate which is DLF. After the consolidation of last five weeks, the stock has managed to find support and surpass the immediate hurdle of Rs 115 level. We have seen some core unwinding and this momentum may extend it to Rs 121, so recommending to trade with 115 Call and this Call can move towards Rs 8. One can place the stop loss of Rs 2 for trading this Call," he said.

"Third call will be a buy on Motherson Sumi Systems. Even after the market pressure, the stock has been just consolidating in a range from last nine trading sessions with multiple support at Rs 316. If any follow up buying happens then the stock can head towards Rs 340-342 level. So, recommending to buy with a stop loss of Rs 315 for the higher target."

"While on the negative sense Wockhardt is a counter which has given the break down yesterday. Earlier it was respecting to its multiple support of Rs 685, but on last trading session the support has broken with built up of short positions. So, it would test that recent swing low and may go towards Rs 645. One can sell with a stop loss of Rs 685."

"While banking counters are continuously under the pressure, so recommending to buy 110 Put in Bank of India and this Put can move towards Rs 5-5.50."

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First Published on Dec 22, 2016 10:07 am
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