Buy Lupin, Bata India, says Chandan Taparia of MOSL

Here are a few trading ideas by Chandan Taparia, Derivatives and Technical Analyst & PFA at MOSL:

Outlook:

Nifty index opened positive and formed a strong Bullish candle on daily chart as it took support at its 13-DEMA and headed towards 9,100. It has negated its formation of lower highs-lower lows of previous three sessions and now a hold above 9,075 could extend its momentum towards 9,160 zone while on the downside, supports are seen at 9,050 and 9,020.

Stocks:

LUPIN

Reco: BUY

Last Close: Rs 1,490

Stop Loss: Rs 1,460

Target: Rs 1,530     

Lupin has taken multiple support near Rs 1,440 and made a strong base to start the positive momentum. It is moving upwards after a long consolidation, so it looks attractive in terms of risk-reward ratio. Thus, we recommend to buy with the trading stop loss of Rs 1,460 for a potential upside target of Rs 1,530.

BATA INDIA

Reco: BUY

Last Close: Rs 544

Stop Loss: Rs 530

Target: Rs 572

Bata is in secular uptrend and is forming higher top-higher bottom on daily scale. It has taken multiple support near Rs 525-530 area and has rebounded from there. Thus, we recommend to buy with the trading stop loss of Rs 530 for a potential upside target of Rs 572.

Disclaimer: Motilal Oswal Securities ( MOSL ) is regulated by the Securities and Exchange Board of India ("SEBI") and is licensed to carry on the business of broking, depository services and related activities. MOSL is in the process of getting registered under SEBI - Research Analyst Regulations. MOSL, the spokesperson or his relatives, do not have financial interest in the securities mentioned above. The spokesperson has not served as a director, employee or officer at the subject company in the last 12 months. MOSL or its associate might be involved in market making for the subject company or have potential conflict of interest.

Chandan Taparia is a Deivatives and Technical Analyst at Motilal Oswal Securities.