Chandan Taparia of Motilal Oswal Securities recommends buying Hero MotoCorp, Bharat Forge and Asian Paints.
Chandan Taparia of Motilal Oswal Securities told CNBC-TV18, "Hero MotoCorp has formed an inverse head and shoulder pattern on the daily chart which has bullish implications. It has surpassed immediate supply trend line and also moving beyond its 50-day exponential moving average. So, price pattern shows that the move is towards 2.50-3 percent from current level. So, recommending to buy with a stop loss of Rs 3,550 and expecting a target towards Rs 3,665."
"Second trade is from the auto ancillary space - Bharat Forge. After the weakness of last 4-5 trading sessions, the stock formed a bullish candle. It takes support near to 50 day exponential moving average most of the time, overall on the weekly chart it is forming a positive candle and moving in a rising candle which has the positive view. So, recent decline is giving the buying opportunity. We are recommending to buy with a stop loss of Rs 735 and expecting this stock to head towards Rs 775-780 zone."
"We have a positive view on Asian Paints, the stock has managed to respect its multiple support of Rs 1,100 zone and now supports are slightly sifting higher to Rs 1,111. It is also showing the sign of positive breakout on the lower degree chart. So, expecting an upside movement in the counter. One can buy for an upside target towards Rs 1,175 and for the same, one can put a stop loss of Rs 1,111," he added.
