Buy Wipro, ITC: Chandan Taparia

Chandan Taparia of Anand Rathi told CNBC-TV18, "Nifty has corrected in last five-six trading sessions, now near the major support of 8,626 but we are still cautious in the market as volatility index is continuously moving up, moved by 40 percent in last one month. So we are selecting the stocks which are holding up strength. So we are selecting Wipro and ITC."

"Wipro has given the multiple price breakout on the daily, weekly and monthly chart. It looks strong, yesterday it has witnessed short covering and now adding fresh long built up. The derivatives data and the technical price pattern indicates that this stock is all set to start the next leg of rally. We are expecting the movement of 5-7 percent on the upside. So we are suggesting to buy Wipro with a stoploss of Rs 630 for the upside immediate target of Rs 685," he said.

"ITC is moving after the long consolidation. It is consolidating from the last six-seven weeks and finding hurdle near Rs 373 zone but yesterday, the way it is holding the gains above Rs 373 and adding fresh volumes in open interest (OI) activity indicates that now the stock may see some short covering and the follow up action which can take it to Rs 385. So we are suggesting a buy on ITC with a stoploss of Rs 367."