Buy Motherson Sumi, Bata, Manappuram Fin; sell Bajaj Auto: Mitessh Thakkar

Mitessh Thakkar of miteshthacker.com told CNBC-TV18, "I would buy Motherson Sumi Systems with a stop loss of Rs 307 for target of Rs 330. Bata India is a buy as well, it was in action a couple of days back and appears to be giving a pullback. So good levels to enter afresh. Keep the stop loss at Rs 553, look for Rs 585 kind of a target. Manappuram Finance had a good pricing volume breakout there. That is a buy with a stop loss at Rs 97.50 and look for Rs 110 to Rs 112 kind of a target."

"Two sell calls - Bajaj Auto has had a gap breakout below the swing level, so I would sell with a stop loss just above Rs 2,760, look for targets close to about Rs 2,650. Apollo Hospitals is a sell as well, some negative crossovers are there, so sell with a stop loss at Rs 1,281 for target of Rs 1,220," he said.

"Reliance Industries is very interesting. we have been recommending that aggressively and now that is very close to Rs 1,445-1,450 zones which is where the stock has peaked out at least on three-four occasions in the last three months. I would want to see the stock close beyond Rs 1,450 with some kind of volume breakout and once that happens, we are looking for rallies to the levels of around Rs 1,550 to about Rs 1,600."

"I think maybe patiently wait for a breakout to happen once the important level is established, we will see follow through. ITC had a big gap breakdown and these kind of gaps typically don’t get filled, so I think ITC has strong support around Rs 320-325 zone and any declines to about Rs 330-335 would be buying opportunities. I do expect Rs 375 kind of a target if you give about three weeks of time," he added.

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