Chandan Taparia of Motilal Oswal Securities said, "I have a buy call on Federal Bank. On last trading session the stock added open interest near 4-5 percent with Put writing activity. It managed to give highest daily recent close and a held above Rs 120 may start a fresh upmove. So recommending to buy with a stop loss of Rs 116.5 for an upside target of Rs 124 and then Rs 130."
"There is heavyweight in banking space and that is HDFC Bank. The stock has given highest daily close with an open interest addition and upmove in the stock might lead Bank Nifty index to higher zone. HDFC Bank has surpassed immediate supply trendline and added open interest. So I am expecting the stock towards Rs 1,750 in next couple of trading sessions. One can buy with a stop loss of Rs 1,690," added.
"I have a buy call on Tata Motors. Recently, the stock has bottomed out near Rs 431-430 zone and now it is forming a positive price pattern and according to this pattern the stock has potential to move by 5 percent. It is also holding above its 50-day exponential moving average with short covering activity and now the Put writing at Rs 450 strike also indicates positive view. So a halt above Rs 465-467 may start fresh short cover activity. So recommending buying with a stop loss of Rs 453 for an upside targets of Rs 478-480 zone," he added.
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