Buy Tata Steel 370 Call; PNB, BoB look weak: Chandan Taparia

Chandan Taparia of Anand Rathi Securities told CNBC-TV18, "We have positive view on Tata Steel. The stock has formed a positive price pattern although it has been consolidating, it has given highest daily close in the August series. Because of that some short covering or the positive momentum may be in the counter, one can buy around 370 Call, keep the stop loss of around Rs 10. I am expecting this call to move towards Rs 25.""Rural Electrification Corporation (REC) has been making higher tops, higher bottom formation and moving upwards from last five series. It formed a narrow range price pattern. Because of that, a move towards Rs 230 can be seen in coming days. So, one can buy 230 Call by putting a stop loss of Rs 5 for an upside move towards Rs 16," he said."We have positive view on the selective media counters like Sun TV Network, Zee Entertainment and Dish TV. I am recommending to go long on Zee. The stock is trading in an uncharted territory. It recently gave a fresh breakout. So it can head towards Rs 533, one can buy with a stop loss of Rs 490.""Petronet LNG has given a fresh breakout and we have seen open interest (OI) addition by more than 15 percent. It has surpassed the immediate crucial hurdle of Rs 303 and because of that it has started the momentum and this momentum can extend by today or tomorrow itself. So one can buy with a stop loss of Rs 305 for target of Rs 330.""I have two negative trades. Selective banking counters, especially the PSU stocks are witnessing some built up of short position. Punjab National Bank (PNB), Bank of Baroda (BoB) and Union Bank of India are looking weak for two-three percent correction from the current level. PNB has failed to surpass immediate hurdle of Rs 137, because of that it can go down towards Rs 114 level. One can sell with immediate stop loss of Rs 127.""I have a negative view on Bharat Heavy Electricals (BHEL). The stock failed to surpass immediate hurdle of Rs 151. We are witnessing Call writing at higher strike and once it slips below Rs 140, it can go down towards Rs 135-130. So one can sell Put, can sell future or can buy 140 Put by keeping a stop loss of Rs 3 and this Put can go to double by Rs 11-12."