Chandan Taparia of Motilal Oswal Securities told CNBC-TV18, "I will recommend to go long on selective IT counter. I have selected to be with Infosys. The stock has formed double bottle formation and finding some buying interest with Put writing activity at 1,100 strike. So expecting this stock to recover towards Rs 1,145. One can buy with a stop loss of Rs 1,099."
"It has also formed a positive price pattern on the daily and on weekly it is forming the long leg dosey after the weakness of two weeks. So, that may support this stock to recover towards Rs 1,145."
"Second trade is from metal space - Hindalco Industries. This stock has taken a strong support near to Rs 237 -240 zone and formed a positive price pattern. We have seen built up of long positions followed by short covering. The stock is holding well from that multiple bottom at the lower zone. So expecting this stock to rally towards Rs 263. One can buy with a stop loss of Rs 245."
"Option trade can also be taken with Rs 250 on the higher strike Call."
"Third trade is on the sell side on BHEL, the stock is forming the negative price pattern and finding hurdle near to its 50-day exponential moving average. Shorts are being build and fresh call writing is also restricting upside momentum. So, expecting weakness in the counter. One can sell with a stop loss of Rs 98.50 and the stock has potential to go down towards Rs 90-89 levels," he added.
Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
