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Tuesday, January 9, 2018

Buy Hindustan Unilever, TVS Motor, Dewan Housing Finance: Chandan Taparia

Chandan Taparia of Motilal Oswal Securities recommends buying Hindustan Unilever, TVS Motor and Dewan Housing Finance.

Chandan Taparia of Motilal Oswal Securities told CNBC-TV18, "We have positive view on Hindustan Unilever (HUL). The stock has given the highest daily close on last trading session, longs are intact and major trend is positive. It has recently taken support at the previous resistance trend line, so, classical example of resistance turning as a support. One can buy with a stop loss of Rs 1,348 for an upside target towards Rs 1,410."

"Second trade is on TVS Motor. The stock has seen correction from last five trading session and now it is exactly taking support at its rising trend line. So some up move could be seen. Nifty auto index is also showing an early sign of fresh up move and also forming a pole and flag pattern on the daily chart. So buying interest could emerge in most of the auto counters. So just to get the early momentum, I have recommended to go long on TVS Motor. One can buy with a stop loss of Rs 760 and on the upside, one can expect target of Rs 790," he said.

"Third trade is on housing finance company. We have seen buying interest in most of the housing companies, especially Bharat Financial and Bajaj Finance. Dewan Housing Finance (DHFL) has given positive price pattern, we have seen jump in the trading volume and the delivery volume, longs are intact, and it has given a breakout from its triangle pattern. So overall trend is quite positive; we are expecting the momentum to continue. So one can buy with a stop loss of Rs 614 for an upside target towards Rs 644," he added.

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