Buy Canara Bank, Petronet, Lupin, says Chandan Taparia of MOSL

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

Outlook:

Nifty index made a small bearish candle similar to a Bearish Belt hold pattern on daily chart. It failed to hold 9160 but was finding support near to previous life time high of 9119. It partially filled a positive gap of 9106-9128, made on 16th March 2017. Now it has to hold above 9119 to witness an up move towards 9218 and 9250 while on the downside supports exist at 9075 and 9000 level.

Stocks:

CANARA BANK

Reco: BUY

Last Close: Rs 294

Stop Loss: Rs 289

Target: Rs 306

It has taken support near to Rs 289-290 and witnessing buying interest on declines. It has seen strong recovery from lower levels with positive sector outlook. Thus, recommending to buy with the trading stop loss of 289 for a potential upside target of Rs 306.

PETRONET

Reco: BUY

Last Close: 393

Stop Loss : 384

Target : 411

It has been holding the gains from last five trading sessions with sustained buying interest. Recently it has surpassed its falling supply trend line and well placed for a next leg of rally. Thus, recommending to buy with the trading stoploss of Rs 384 for a potential upside target of Rs 411.

LUPIN

Reco: BUY

Last Close: 1464

Stop Loss : 1444

Target : 1510

It has been taking multiple support near to 1440 from last from last four weeks which indicates a meaningful accumulation in the stocks. It looks attractive in terms of risk – reward ratio thus, recommending to buy with the trading stop loss of 1444 for a potential upside target of 1510.

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.