Jul 15, 2010, 11.49 AM IST | Source: CNBC-TV18

Mitesh Thacker's top picks for trade today

Technical analyst Mitesh Thacker of miteshthacker.com advises traders to buy into Lloyd Electrical, HMT and Havells India. However, he is bearish on ACC and Lupin.

Mitesh Thacker , miteshthacker.com

Technical analyst Mitesh Thacker of miteshthacker.com advises traders to buy into Lloyd Electrical , HMT and Havells India . However, he is bearish on ACC and Lupin .

Speaking to CNBC-TV18, Thacker also spoke about his reading of the market and the road ahead.

Here are the key levels:

On Lupin

For the next few days you could probably take some kind of a small short bets on the largecap stocks where I could see good profit booking and long on the midcap stocks. Lupin is one of the stock which is has gone extremely well for the last few months and it has been in a good uptrend.

Now we are getting into a kind of a corrective phase and the stock could give us some of its gains. The downside targets which I would look for would be levels of around Rs 1800 and Rs 1770 and the stop loss would be just above Rs 1905.

On Lloyd Electrical

It has very good price and volume action. We saw a good jump in delivery volumes. The stock could probably head towards levels of Rs 95-96 over the next few days and the stop loss could be around Rs 82.

On Havells

A stock, which probably recorded very good delivery numbers, Rs 640-641 is a good level to initiate a long trade that is why some of the upswings on intraday charts have ended. Probably, I would look for some kind of positive action today if the stock opens in a positive note and shows good momentum.

This could be good stock for people who trade with one to two day objective. Rs 665-670 is the price target we are looking for and the stop loss would be below Rs 627.

On HMT

What we have picked up in the midcap segment is stocks where we have seen good numbers recorded with strong price action clearly indicating that strong buying has taken place. HMT also fall into that space. Apart from the fact that technically also it has managed to get past this long-term moving averages, so a very positive set-up over here. The short-term targets could be around Rs 83-85 and stop loss could be just below Rs 72.

On ACC

The entire cement sector there is some comfort shorting it because you are getting a lot of negative signals on the sectoral peers also. ACC is one I picked up over here. In the short term it could go to as low as Rs 775 and probably even as low as Rs 750. I think those are two price targets which traders can look at and the stop loss could be just above Rs 821. 

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