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Last Updated : Jan 01, 2018 12:00 PM IST | Source: CNBC-TV18

Buy Cummins India, RCF; hold Reliance Industries: Mitessh Thakkar

Mitessh Thakkar of miteshthacker.com is of the view that one can buy Cummins India and RCF and can hold Reliance Industries.

CNBC TV18 @moneycontrolcom

Mitessh Thakkar of miteshthacker.com told CNBC-TV18, "I would recommend buying Cummins India with a stop loss at Rs 902 for target of Rs 970."

"The other one which I like and with a disclaimer that we have recommended this to our clients is RCF. The stock is breaking above the levels of Rs 98-98.50, so keeping a stop loss just below day’s low of Rs 96 it is a buy for target of Rs 108."

"NTPC has been underperforming and as of now for the next few months I don’t see that trend reversing, so my sense is that GAIL India should be an outperformer and should be a better bet to invest. Clearly, the individual chart also suggest much higher targets from here."

"Reliance Industries is clearly a hold, the stock broke from a 10-year consolidation back in February and typically, multiyear consolidation will go up for at least two to three years on the upside so it will keep making higher tops and higher lows. It peaked out recently in October at the levels of Rs 955 and we have seen three months of consolidation and maybe one two months more of consolidation or sideways activity might happen."

"But I think eventually the stock may head towards Rs 1,125 to Rs 1,150 and maybe even higher levels from there. So, clearly it is a hold and I think in case one wants to add more declines, it should be used to buy in to more over here. I think anything closer to about Rs 870-850 zone would be excellent opportunity in case we get the market correction and the stock corrects."

"We advise staying out of penny stocks but in case you want risk, I think it should not be more than 4-5 percent of your capital. If somebody wants to buy Unitech,  I think the stop loss should be closer to about Rs 8.70 and there is a good chance that this entire rally might see the stock head towards Rs 15-16 odd level. So, invest only about 4-5 percent of your capital not more than that and you might want to have that extra kicker in case the stock kind of turns out to be on the right side," he added.

Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd

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First Published on Jan 1, 2018 11:53 am
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