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Buy Dr Reddy’s Labs; sell Pidilite Industries: Mitessh Thakkar

Mitessh Thakkar of miteshthacker.com is of the view that one may buy Dr Reddy’s Labs and sell Pidilite Industries.

July 07, 2017 / 12:05 PM IST

Mitessh Thakkar of miteshthacker.com told CNBC-TV18, "In IDFC Bank, I did not expect this kind of a rally but a couple of days back, we did get a buy signal and that is seeing a follow through. I think Rs 66-67 would be a level which the stock might find it difficult to clear in the first go. So maybe a profit booking around that level would be advisable."

"RBL Bank has been trading with some kind of a restructure but every time it goes to levels close to about Rs 500, it gets good support. I would look at again if we get Rs 505 possibly during the day, that could be an interesting area to buy with a stop loss just below Rs 500."

"Dr Reddy’s Labs has given a good continuation breakout today so buy that with a stop loss below Rs 2,700 and look for targets close to about Rs 2,800. Pidilite Industries appears to be making some kind of a breakdown on the intraday charts. So that is a sell, keep a stop loss just above Rs 832 and look for Rs 778-780 kind of a target," he said.

"JBM Auto has clearly been on radar but from a risk reward point of view, I am not sure if I can give you a trading call right now. What is important is that today’s gap at Rs 350 and yesterday’s high of Rs 343 appears to be a continuation gap which could give you a target close to roughly about Rs 410-415 on the upside. So there is still about 8-9 percent left. From buying point of view, taking a fresh position, this is not the best price."
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