Buy Sun Pharma, hold GMR Infra: Mitessh Thakkar

Mitessh Thakkar of mitesshthakkar.com told CNBC-TV18, "Let us go back to March 2015 when Sun Pharma was about Rs 1120-1130 levels and then we have seen a big correction. The stock has more than halved. Now it is showing some signs of a reversal, I hope it sustains this time. It has had some false dawns earlier as well but it looks like that this stock could now possibly get into a short to medium term uptrend, so you can buy more, keep a stop loss below levels of Rs 495-500, that being the support zone."

"On the upside, I think targets could be roughly around Rs 625. In case we get past Rs 625, we can even look at Rs 700-710 happening but that is something which I will possibly know in time to come by. For the time being I would suggest Rs 625 should be the target and try to add it around Rs 520-530 zones on a bad day when there is some kind of USFDA announcement or something like that."

"Lot of these beaten down stocks specially the infra names – JP Associates and GMR Infra have at least reversed from their lows at which they were trading at about a year and a half back. So, in that sense there is some kind of a medium term upmove going on."

"I would suggest holding on to GMR Infra, in case price is closer to about Rs 24-24.5 which is my target for this entire upmove which could happen in the next few months, I think that is a good level to exit and forget about it. I don’t think there is a big change happening over here. However after having fallen from Rs 100 plus to as low as Rs 10, I think it is just a slightly bigger bounce back," he said.