Mkt bounceback likely; buy Bharti Airtel, IOC: Anand Rathi

Chandan Taparia of Anand Rathi Securities believes the market trend is weak given that Nifty broke its 7996 support level. He says the index may stage a bounceback but only after falling 50 points further.

Below are Taparia's views on select stocks:

Bharti Airtel is now taking support after the weakness of last six weeks. We are witnessing support based buying near to the multiple support zone of Rs 333 levels. Stock may see some short covering activity and Put writing at the lower strike also indicating that participants are expecting the stock to hold and move towards Rs 366 levels. So, recommending to buy with immediate support; stop loss of Rs 333 for the upside target zone.

Indian Oil Corporation (IOC) is quite comfortable and strong among the oil marketing companies. From last three weeks the stock is holding the gains even after the weak market structure and taking multiple supports near to Rs 388 zone. We have seen fresh built up a long position and now short covering activity may continue its move towards immediate high of Rs 433 levels. So, recommending to buy with a stop loss of Rs 388 for the upside target of Rs 433 levels.