Buy Bharat Forge; sell HDFC Bank, United Breweries: Chandan Taparia

Chandan Taparia of Motilal Oswal Securities told CNBC-TV18, “I would like to go long on Bharat Forge on a small decline. The stock has seen a strong momentum on the last trading session, longs are added and the delivery volume and trading volume was quite interesting. So remarkable data indicates positive stance but because of the negative opening, the stock can open down. So, recommending to buy on decline near Rs 740, put stop loss of Rs 722 and I am expecting this stock to again head towards Rs 780-785 levels.”

“Two sell ideas, one is a sell on HDFC Bank. The stock has been making lower highs from last five trading session. It has failed to surpass its 50-day exponential moving average and previous supports now turning as a hurdle. So multiple hurdles are visible at Rs 1,912-1,919 and even the resistance is shifting over. So, I am looking some weakness in the counter. One can sell with a stop loss of Rs 1,907 for the downside target towards Rs 1,825,” he said.

“One more sell is on United Breweries. The stock has broken its support trend line, it has been making lower top lower bottom from couple of trading sessions. It has slipped below 50-day exponential moving average and forming a negative price pattern below its support trend line. More weakness could be seen, one can sell with a stop loss of Rs 1,080 and stock has potential to go down towards Rs 1,020 levels,” he added.moneycontrol