HomeNewsBusinessStocksBuy IDFC, Jet Airways; sell JSW Steel, Kaveri Seed: Thacker

Buy IDFC, Jet Airways; sell JSW Steel, Kaveri Seed: Thacker

Mitesh Thacker of miteshthacker.com recommends buying IDFC and Jet Airways and advises selling JSW Steel and Kaveri Seed.

September 01, 2016 / 09:51 IST
Story continues below Advertisement

Your browser doesn't support HTML5 video.

Mitesh Thacker of miteshthacker.com told CNBC-TV18, "We saw a strong price-volume action yesterday in IDFC, a break out above the earlier swing highs of Rs 59-60. So, any minor dip, I would be a buyer here. I would suggest buying in the range of about Rs 62-62.50 and keep a stop loss below Rs 59. The trend should see prices head towards Rs 67 in the next few days.""JSW Steel has a good technical set up in the sense that it is quite overbought after having outperformed and after having seen a good price increase. We are seeing minor dips, minor breakouts on the intraday charts, which typically suggest that a profit booking setup is active. So, I would sell this one with a stop loss at Rs 1,776 for a mild dip to about Rs 1,710 odd levels," he said."Jet Airways is on the buying side. Trading very close to important supports near to Rs 525-530, quite oversold and there is some positive news. So, I do expect short covering like rally or a stronger pull back. Look for targets of Rs 570 and the stop loss here should be just below Rs 525.""I would also short Kaveri Seed, it has been a stock which has been underperforming, gave a fresh breakdown or continuation candlestick pattern yesterday. Sell this with a stop loss at Rs 370 for targets of Rs 338."

first published: Sep 1, 2016 09:51 am

Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!