Chandan Taparia of Motilal Oswal Securities told CNBC-TV18, "TVS Motor has given a consolidation breakout and hit a new record lifetime high. We have seen fresh Put writing activity and then short covering followed by built up of long position by around 3-4 percent. So, expecting the further leg of rally in the counter. Recommending to buy with a stoploss of Rs 722 for an upside target to Rs 765."
"Second trade is on heavy weight Reliance Industries, this stock has recently taken support at its rising trend line as expected to its 50-day exponential moving average. We are expecting a fresh leg of rally as per its price pattern."
"We have also seen a short covering activity. This stock can fly high towards Rs 980. We are recommending to buy with a stoploss of Rs 930," he added.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
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