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Buy Bharat Forge, Century Tex; sell JSW Energy, Godfrey Phillips: Mitessh Thakkar

Mitessh Thakkar of mitesshthakkar.com is of the view that one may buy Bharat Forge and Century Textiles and can sell JSW Energy, Karnataka Bank and Godfrey Phillips.

July 18, 2017 / 12:22 PM IST

Mitessh Thakkar of miteshthacker.com told CNBC-TV18, "I have two buy calls. We saw breakout candlestick pattern in Bharat Forge, buy with a stop at Rs 1,122 for target of Rs 1,190. Century Textiles is a buy - a good candlestick pattern is there – buy with a stop of Rs 1,144 for target of Rs 1,220."

"Three sell calls, the first of them is JSW Energy, that has given some kind of a negative crossovers on the indicated charts, so it is likely to fall more. Sell with a stop above Rs 64.25, look for Rs 58 as the first target. Karnataka Bank has negative patterns on the charts, I would sell with a stop at Rs 162.50 for target of Rs 150," he added.

"Godfrey Phillips might have a gap down but as of yet, it looks heading towards Rs 1,170 and this stop loss on the upside could be around Rs 1,250."

"If ITC starts below Rs 300, the next call should be closer to about Rs 280 zone, so we will see some more selling and then around Rs 280 we might see the stock stabilise."

"Adani Ports could be interesting. That is the one stock which has turned positive immediately and keeping today’s low as some kind of a short-term stop loss, maybe for trading for next two-three days that could be a long trading."

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"I have taken two long positions as well. Steel Authority of India (SAIL) is a buy with a stop at Rs 60, it has been consolidating sideways for about six days now and now moving on the upside. So, buy with a stop at Rs 60 for Rs 66 kind of a target."

"Amongst the non-banking financial stocks or the financial side, I have got Ujjivan Financial as a buy call with a stop at Rs 334 just below today’s low and look for target of Rs 355."
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