Go long in Glenmark, Cummins India, Tata Motors, Exide: Taparia

Chandan Taparia, Derivative & Technical Analyst at Anand Rathi Securities told CNBC-TV18, "We have seen buying interest in selective pharmaceutical counters in the last trading session. Biocon and Glenmark Pharma has added open interest (OI), recommending to go long on Glenmark. It has surpassed immediate hurdle of Rs 905-920 zone and looking for target towards Rs 965-970. So one can buy the stock with a stop loss of Rs 910.""Other stock is buy on Cummins India. Recently, it has made bottom near Rs 800 zone and the support has shifted from earlier Rs 775 to Rs 800 and now near Rs 810 kind of levels. So, looking for a price momentum and short covering spike in the counter. So, one can buy with a stop loss of Rs 795 for the upside target of Rs 860," he said. "Apart from that, I think Tata Motors might see some bounce back move. The stock has negated its negative trend. Earlier, it was making lower top lower bottom formation and has been consolidating in a range for last four trading sessions. So, looking for a bounce back move, which might take it to Rs 480-485. So one can buy 480 Call by putting a stop loss of Rs 3.50 and this Call can move towards Rs 11.""Exide Industries is another counter to buy. The stock has made bottom, multiple bottoms near Rs 169 in last 4-5 weeks and because of the support, the stock might see some bounce back move which may take it to higher levels. So, those who are looking to buy can buy with a stop loss of Rs 169 for the upside target of Rs 186 and Rs 200.""Talking about the negative sense, BHEL is a counter where some selling pressure might remain intact. We have seen sustained Call writing and shorts are intact. Medium-term trend of the counter is negative. So, the stock can go down towards Rs 118-117 kind of level. One can buy Put of Rs 1.25 and this Put can move towards Rs 8. So, there are selective trading ideas even after the rangebound movement, these stocks are likely to perform."