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Traders: Watch these Fed protection plays

With the Federal Reserve's next policy meeting looming, "Fast Money" traders looked for stocks that could withstand possible market swings from the central bank's decision.

The Fed's two-day meeting starts Tuesday, and it releases its policy decision and outlook Wednesday. While investors do not expect an interest rate hike this week, the Fed's hints about future plans could move markets.

Traders outlined stocks they believe will rise regardless of the Fed's decision.

"Look for names that have actually done pretty well over what's been an interesting last month," said trader Guy Adami.

Big tech

Google
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Adami touted Facebook, a stock that has climbed 5 percent this year and 40 percent in the last 12 months. He argued that the social media giant will impress investors when it reports first-quarter earnings next month.

Shares of Google parent Alphabet have slid nearly 4 percent this year, trailing the S&P 500. Still, traders Karen Finerman and Peter Najarian said the stock should climb.

"I don't think it matters what the Fed does here," Finerman said.

Najarian also contended that Apple is mostly immune to Fed policy changes. The stock has slipped more than 2 percent this year.

Dow components

Home Depot's stock has fallen about as much as shares of its fellow Dow component, Apple, this year. Adami believes the home improvement retailer's shares will rebound.

He and Najarian both like shares of Coca-Cola, which have easily beaten the broader market this year with gains of 5 percent.

Utilities

Trader Brian Kelly said dividend plays look appealing ahead of the Fed. He pointed to the Utilities Select Sector SPDR Fund, which has climbed 11 percent this year.

Oaktree Capital

Finerman also looked to shares of Oaktree Capital, a firm that specializes in high-yield debt. She said owning the stock allows investors to play credit struggles in the battered energy industry.

Oaktree's stock is up 2 percent this year.

Disclosures:

Guy Adami

Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck.

Karen Finerman

Karen is long BAC, C, FL, GOOG, GOOGL, JPM, LYV, KORS, M, SEDG, SPY puts, URI. Her firm is long ANTM, AAPL, BAC, C, C calls, FINL, GOOG, GOOGL, JPM, JPM calls, KORS, LYV, M, MOH, NRF, PLCE, SPY puts, URI, her firm is short IWM, MDY. Karen Finerman is on the board of GrafTech International.

Brian Kelly

Brian Kelly is long BBRY, Bitcoin, GLD, GLD puts, SH, SLV, TLT, US Dollar, UUP, Yen; he is short Aussie Dollar, BLK, British Pound, CS, DB, Euro, EWH, FRC, Hong Kong Dollar, UBS, SPY, Yuan, 5-Year Note Futures

Pete Najarian

Long AAPL, BAC, BMY, DIS, DISCA, GE, KMI, KMI-A, KO, MRK, PEP, PFE, SAVE, VIAB, he is long calls AAL, AMJ, BAX, CLF, CMCSA, CNX, DAL, EGO, EMR, EWZ, FDX, FIT, GDX, GE, GM, HAIN, HBAN, HOG, KSS, LC, LUV, LVS, MDLZ, MET, MXIM, NRF, SCHW, SLV, SLW, SWN, UAL, USG, WYNN, ZIOP, he is long puts DB, EWH, RIG, RY, VLO, XME.