Go long in Colgate, sell ONGC on bounce: Chandan Taparia

Chandan Taparia of Anand Rathi Securities told CNBC-TV18, "Colgate Palmolive is bottoming out, the stock has taken multiple supports near to Rs 800-820 zone. Now it is trying to cross its 50-day moving average. The way you have seen strong momentum in the market, traders could go for these stocks which are now trading at a risk reward ratio. That is a theme and we have seen built up of long positions with significant trading and delivery volume in the counter in the last trading session. So, recommending to go long with a stop loss of Rs 830 for a better risk reward target of Rs 875-890.""We are not comfortable with the ONGC, overall trend is negative to range bound and the stock is not ready to hold any higher levels. Recently, it made high near to Rs 215 but today opened by making a reversal pattern. So, till it remains below Rs 213-214 zone the weakness might continue to drag it to lower levels. So, recommending to sell on any bounce back move with a strict stop loss of Rs 213 for the downside target towards Rs 200 zone," he said.