Buy Tata Chemicals, prefer Ceat: Nooresh Merani

Nooresh Merani of Analyse India told CNBC-TV18, "I like Tata Chemicals on longer term charts. The stock has crossed into seven year highs and has been consolidating in the same band of Rs 420 to Rs 460. In the short-term it has made a double bottom around Rs 405 to Rs 410. It can go up to Rs 550 in the long-term and one can keep a stop loss at Rs 400. I would advice to add the stock at current level with a longer term view."

"As far as JK Tyre & Industries is concerned the short-term peak has been made into the stock, so any rise back to Rs 140 could be used to exit out of the stock. In the same sector I would prefer Ceat going ahead. However, Tata Chemicals would be a buy out of the two," he said.