Sell MRF, Tata Comm, Union Bank; buy Torrent Power, Jubilant Food: Mitessh Thakkar

Mitessh Thakkar of miteshthacker.com told CNBC-TV18, "I have three sell calls. On MRF, I would recommend selling with a stop loss at Rs 68,800 for target of Rs 62,500. Tata Communications broke below key support levels - that should lead for more supply and now can be sold with a stop loss at Rs 650, look for declines to about levels of Rs 590. Union Bank of India is a sell as well with a stop loss at Rs 145.50 and look for target of Rs 130. It is a conditional sell to try to sell it once it breaks below Rs 141."

"I have two buy calls, Torrent Power is a buy in the range of Rs 195 to about Rs 198 and keep a stop loss below Rs 190, look for target of Rs 215. Jubilant Foodworks has given some kind of a breakout from the last one and a half weeks of consolidation, so buy with a stop loss at Rs 1,300, look for targets close to about Rs 1,400," he said.

"Apollo Tyres has been a different stock compared to Ceat or MRF which are looking corrective. I think Apollo has done better than both of them after the numbers which were disappointing, yet the stock bounced back. I think, technically the picture is stronger over here and I would be a buyer at about levels of Rs 275, keep a stop loss below Rs 265. We are possibly looking at Rs 300-310 once the market stabilises over here. So this is the stock I want to slowly accumulate as the market corrects and then once the market stabilises, this should be one of the first stocks to pick up."

"Federal Bank is a sell for me with a stop loss of Rs 114 and I would look for declines to about Rs 104 kind of levels. The other one is DCB Bank. We had a sell there yesterday as well and had a big drop. I think it is showing momentum on the downside today. So, keeping a fresh stop loss at Rs 185.50, Rs 170-172 looks very likely target over there."

"NALCO is a buy with a stop loss below Rs 70 for targets of around Rs 76."