Mitesh Thacker's top picks for trade today

21303 Investors following Siemens. Share this News with them.

0

Like this story, share it with millions of investors on M3

Mitesh Thacker's top picks for trade today

Technical analyst Mitesh Thacker is bullish on the prospects of Siemens, Reliance Communication, Ambuja Cement, M&M and Jubilant Food. He advises traders to buy into these stocks.

Post your opinion here

 

0

Tweet

Share on Tumblr

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 Siemens See messages about Siemens

Technical analyst Mitesh Thacker is bullish on the prospects of Siemens , Reliance Communication , Ambuja Cement , M&M and Jubilant Foodworks . He advises traders to buy into these stocks.

Speaking to CNBC-TV18's Udayan Mukherjee and Sonia Shenoy, Thacker also spoke about his reading of the market and the road ahead.

Here are the key levels to watch out:

On M&M

M&M has made a new 52 week high. It's been consolidating in the range of about Rs 750 on the higher side, Rs 720 on the lower side and we saw a good breakout yesterday.

They have had good volumes so clearly the price action confirms some kind of a breakout and possible upsides in the short-term. I would probably trade it long side with a target of Rs 810 and the stop loss for any kind of longs taken now would be just below Rs 745.

On Ambuja Cement

The entire cement pack is looking to get into some kind of action. We are seeing good patterns or setups on ACC and Ambuja. For Ambuja Cement, I am looking at a retest of recent highs at about Rs 149 or probably a newer high at levels of about Rs 154 that will be a price target for anybody who is trading with a short-term perspective. The stop loss here would be just below Rs 139.

On Jubilant Foodworks

The possibility exists that the stock price may make a new high after outperforming or doing very well in terms of price movement for a couple of months.

This stock has been consolidating for the last five-six weeks. Now we are getting signals that the price is ready to breakout from this range and probably head higher. I would bet on the long side here, look for targets in the range of about Rs 585 and stop loss for any kind of longs taken would be below Rs 510.

On Reliance Communications

We have liked the overall technical setup on weekly and monthly charts so the long-term charts are now improving. We have been turning positive on the medium-term outlook on the stock but in the short-term, it could retest the recent highs of about Rs 194 or even Rs 200, that's the price target for short-term traders. Long positions can be taken at current levels with a stop loss of about Rs 178.

On Siemens India

This is one stock which has given a breakout. It did well a couple of weeks back and then went into a sideways consolidation. Rs 840 is the breakout level. I believe that it could be achieved in the next couple of days. We are seeing very good price movements happening over here, plus yesterday, we got some kind of a buy signal on intraday charts.

Once it crosses Rs 840, the minimum target it could head towards will be levels of about Rs 880. Stop loss for any kind of long positions taken now or even on breakout would be around Rs 814.