Buy IndusInd Bank, sell Hindalco Industries below Rs 186: Mitessh Thakkar

Mitessh Thakkar of miteshthacker.com told CNBC-TV18, "Pharmaceutical stocks will be under pressure and what possibly has kind of accentuated the fall is Lupin numbers and the reaction to it today morning. These may not be the best levels to initiate fresh shorts because we have had sell calls on Sun Pharmaceutical Industries and Aurobindo Pharma earlier. The only possible reason which will interest me, which if it breaks levels of around Rs 439-437 would be Cadila Healthcare. I think that will be mild breakdown on the charts of Cadila if you were to see the stock price break Rs 437. Maybe then take a short with a stop loss at Rs 445 and look for Rs 420 kind of a target."

"Some of the private sector banks are showing good patterns on the intraday chart and I have a buy on IndusInd Bank. Keep a stop loss at Rs 1,412 and look for a Rs 1,465 kind of target," he said.

"While the metals are yet not convincing and possibly are mildly biased on the downside, I would sell Hindalco Industries if it starts breaking below levels of Rs 186.5-187. Keep a stop loss at Rs 190 and look for a first target of Rs 181."