Buy Maruti; sell BoB, IRB Infra may test Rs 181: Chandan Taparia

Chandan Taparia, Derivative & Technical Analyst at Anand Rathi Securities told CNBC-TV18, "A buy in Maruti Suzuki. This stock is just consolidating from last three weeks and longs are intact and every small decline is a buying opportunity in the counter. The price structure is positive and I think this consolidation might give a fresh momentum to the counter once the market gets the resilience from the selling pressure. So, recommending to buy on any small decline with stop loss of Rs 5,050 and looking for a target towards Rs 5,420 kind of levels. I think if market sustains, then this stock has potential to outperform the broader market." "First sell is Bank of Baroda. The stock is continuously making lower top, lower bottom formation from last five to six weeks. On the last trading session, the stock opened gap down and added open interest by more than 15 percent. So, shorts are rolling into next series and that is why weakness may continue. So, utilise any small bounce back move to sell the counter with stop loss of Rs 153. It has potential to go down towards Rs 140," he said."Other option trade on the negative side is IRB Infrastructure Put. The stock has seen the recovery in last three weeks but now failed to surpass the multiple hurdle of Rs 200 zone and again started the next leg on the downside. So, recommending to buy December 190 Put, keep the stop loss of Re 1 and this Put can move towards Rs 7.5. On the downside, I am looking for the stock to test Rs 183-181 kind of levels."