Tata Power, Siemens among top bets by Chandan Taparia of MOFSL for today

Tata Power is trading near its all-time high price and given a range breakout on the weekly chart. The ADX indicator has turned up which supports the bullish trend.

Buy Hindalco | CMP: Rs 717 | Stop Loss: Rs 695 | Target: Rs 760

Price has broken out of a consolidation zone on the daily chart with noticeable volumes. Buying is visible across the metal space. The MACD indicator has given a bullish crossover and headed up which confirms the upward momentum.

Buy Siemens | CMP: Rs 7,095 | Stop Loss: Rs 6,885 | Target: Rs 7,570

A bullish reversal is visible on the daily chart with the recent candlestick being a large bodied bullish candle which confirms the uptrend. It is forming higher highs-higher lows from past three trading sessions. The RSI Momentum indicator has turned up which has bullish implications.

Buy Tata Power | CMP: Rs 468 | Sop Loss: Rs 455 | Target: Rs 500

Stock is trading near its all-time high price and given a range breakout on the weekly chart. The ADX indicator has turned up which supports the bullish trend.

(Disclaimer: Chandan Taparia is senior vice president of equity derivatives & technicals, wealth management at Motilal Oswal Financial Services Ltd. Views expressed are his own.)