Buy Mahindra & Mahindra, Reliance Communications likely to head to Rs 28: Mitessh Thakkar

Mitessh Thakkar of mitesshthakkar.com told CNBC-TV18, "Mahindra and Mahindra is clearly showing some signs of breakout, so keeping a stop loss below Rs 740-738, I would buy this one for targets close to about Rs 780."

"UPL is a buy but a conditional buy. Wait for the stop loss to get past Rs 735 in the cash segment. Buy then with a stop loss at Rs 724 and look for Rs 760 kind of a target."

"Reliance Communications has been trading in a declining mode for last couple of weeks, but the 200-day average is at about Rs 21.6 so, use that a stop loss. If it bounces back from here and holds the 200-day average, I think it could possibly get back to about Rs 27-28.50 zone. I am not sure whether we will get beyond that, so either one can take a fresh call over there or start partly exiting around that level."

"Axis Bank has been correcting and then has broken key levels and now is back to its 200-day average at about Rs 527. I think if it holds this Rs 525-527 zone and we are right there, I think then the stock will make an attempt towards Rs 545 and beyond that I think it could possibly get more positive."

"So for time being, I would just watch it and if we get an intraday buy signal maybe buy with a very tight stop loss at Rs 523 and look for a Rs 545 kind of a first target and beyond that you can take some kind of a positional view as well," he said.