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Jun 09, 2017 11:27 AM IST | Source: CNBC-TV18

Buy HDFC, Shankara Build, Chambal Fertilisers; sell Andhra Bank: Mitessh Thakkar

Mitessh Thakkar of is of the view that one can buy HDFC, Shankara Build and Chambal Fertilisers and can sell Andhra Bank.

Mitessh Thakkar of told CNBC-TV18, "I have a buy on HDFC, good swing breakout is there. That is a buy with a stop loss at Rs 1,608 and look for target close to about Rs 1,685."

"Couple of sell calls, the first is Andhra Bank and a lot of PSU banks are looking on the negative side so this one is a conditional sell. If it breaks Rs 58, expect more declines to about levels of Rs 55 and short then with a stop loss just above Rs 59.50."

"Aditya Birla Nuvo is the next sell call where we have seen some breakdown on the intraday charts. So I would look for targets of around Rs 1,640 and sell with a stop loss at Rs 1,705," he said.

"Two midcap buy names, Shankara Building – extremely active stock, yesterday good pricing volume action was there, buy with a stop loss at Rs 765, look for target of Rs 870. Chambal Fertilisers is showing some continuation signs, I would buy that with a stop loss at Rs 124, look for target of around Rs 135."

"Reliance Industries has given a pullback and I am now waiting for some kind of a signal to see the stock price around the upside, I am waiting for the stock to start getting past levels of around Rs 1,345-1,350 and once that movement starts then we could see stock back into some kind of an uptrend target of Rs 1,400."

"For Reliance Communications, the newsflow is negative and the price is reacting negatively on that. I think it could head towards Rs 16-15.50 with no signs of a bottom yet," he said.

""I would like to go short on Shriram Transport Finance with a stop loss at Rs 1,008 and look for target of about Rs 940. While Power Grid appears to be trending on the upside. So I would buy that with a stop loss at Rs 204 for target of Rs 216."

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