Chandan Taparia of Anand Rathi Securities told CNBC-TV18, "Tata Consultancy Services (TCS) is now trading near to the oversold territory and taking support near to Rs 2,315. Interestingly, in the July 2014 this stock has taken support near to the same zone and now turning from the lower band of the trading range. So, we are expecting a bounce back move in the counter. So, suggesting to go for bull Call spread, the strategy is buy 2,350 Call and sell 2,450 Call." "In the entire strategy, the risk is around 30 points and if it moves towards Rs 2,450 then we will get profit of around Rs 70. So, with 1:2 risk reward ratio, we are expecting it to take support near to Rs 2,315 and head towards Rs 2,450 levels in next coming trading sessions," he said."Most of the metals stocks have now started to correct. Jindal Steel has fallen down in last three trading sessions and has failed to surpass Rs 97. It has also broken the immediate support of Rs 91 in last two trading sessions and are falling down. Today itself it is adding open interest with liquidation of long position. So, now the trend is standing to negative. So recommending to sell with a stop loss of Rs 91 and expecting it to test the immediate support of Rs 80 zone."
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