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May 18, 2017 10:52 AM IST | Source: CNBC-TV18

Sell Cipla, buy Mangalore Refineries & Petrochemicals: Mitessh Thakkar

Mitessh Thakkar of miteshthacker.com is of the view that one can sell Cipla and buy Mangalore Refineries & Petrochemicals.

Mitessh Thakkar of miteshthacker.com told CNBC-TV18, "Tata Motors has gone through a big correction. I would want to see the stock get past yesterday’s high of Rs 453 which is the daily pivot level. In fact it just touched that level and closed mildly below that. So, if not today, I think in the next few days if we could see the stock start getting past Rs 452.50-453, then we could get a trading bounce till about levels of Rs 475-480."

"Cipla had a gap down opening. So, that is a sell with a stop loss at maybe levels of Rs 566 and look for decline to about Rs 540," he said.

"MRPL is something which has opened higher and that still shows strength. I would be a buyer here with a stop loss below Rs 135 which is the day’s low and look for some kind of a rally to about levels of Rs 148-149."

"I have a sell on Reliance Defence with a stop loss at Rs 67 and I would look for a target of around Rs 62."

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