Mitesh Thacker's top 5 picks for trade today

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Mitesh Thacker's top 5 picks for trade today

Technical analyst Mitesh Thacker of miteshthacker.com advises investors to buy IndusInd Bank and JK Lakshmi Cement. However, he is bearish on Shree Renuka Sugar, ICICI Bank and JP Associates.

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Excerpts from Bazaar on CNBC-TV18 Watch the full show » ALSO READ See previous views by Mitesh Thacker See what other Experts & Brokerages are saying about Shree Renuka See messages about Shree Renuka Nifty BSE | NSE 21/02/12 Are Mutual Funds betting on Nifty? Other Stocks in this news ICICI Bank | Jaiprakash Associates | JK Lakshmi Cement | IndusInd Bank | Hindustan Unilever | Kingfisher Airlines | Jet Airways | ABG Shipyard | Bharati Shipyard | National Fertilizers | Fact Enterprise | Chambal Fertilisers and Chemicals | KRBL |

Technical analyst Mitesh Thacker of miteshthacker.com advises investors to buy IndusInd Bank and JK Lakshmi Cement .

However, he is bearish on Shree Renuka Sugar, ICICI Bank and JP Associates .

Here are the key levels:

Sell Shree Renuka Sugar with a target of Rs 180 per share and stop loss at 210 per share.  

For quite sometime these sugar stocks were sideways and yesterday they gave clear indications of a break down, the indicators have started to rise in negative territory or in the sell mode. So I think there is some downside left in these stocks. Renuka can probably test levels of Rs 186-180. I think that is the target on the downside. The stop loss here would be around Rs 210.

Sell ICICI Bank with a target of Rs 770 per share and stop loss at 843 per share.

The broader idea of this downtrend comes from the fact that we are seeing good shorting happening in the F&O segment as well as from the price action in the largecap stocks. So I think largecap still looks pretty negative. They are signaling that the downside may not be over in indices. ICICI Bank for the last few days has failed to get past this level of Rs 840 that is the stop loss and the target on the downside would be around Rs 770.

Sell JP Associates with a target of Rs 118 per share and stop loss at 142 per share.

JP, in fact, for the last couple of months was not breaking below the support range of around Rs 140-142 and I think in this fall we have seen this stock price break below the support, gave the kind of pullback in the last two days and again failed to cross those levels. So the price is clearly signaling that it is willing to go down further probably test support levels of around Rs 122 or 118 in the short-term. I think those are the price targets and the stop loss would be just above Rs 142.

Buy IndusInd Bank with a target of Rs 164 per share and stop loss at 147 per share.

This is the market when we are not sure if the pullback is yet over or we will still see some kind of activity in this range of 4,800 to 4,950. So if somebody is trading across number of stocks, the only place where you can be comfortably long today is some midcap stocks where you have seen good delivery base buying.

So I think IndusInd Bank comes in that criteria, the trend remains intact. I think the upside targets of Rs 164 could be tested by the stock over the next few days and the stop loss here would be around Rs 147.

Buy JK Lakshmi Cement with a target of Rs 82 per share and stop loss at 70.50 per share.

The stock opened with the gap and maintained the gap as well as recorded good delivery volumes. On the upside, the stock can test levels of around Rs 82-83 in the short-term and the stop loss would just be below this price gap of around Rs 70.50.